A building dating from the seventeenth and eighteenth centuries, the Eufrásio Barbosa Market is located where the first Royal Customs House in Pernambuco existed. The location was also home to the Doces Amorim Factory between 1894 and 1960. While it was a Customs House, products from Europe were sold there. At the time, the fine European cloths were hung on wooden rods (varas, in Portuguese) with pieces of gold on the ends. From this practice comes the name of the neighborhood: Varadouro. Today, it’s common to see presentations of folkloric groups and maracatus there on Sunday afternoon. 
The Eufrásio Barbosa Market was inaugurated in April of 1990, with 28 stores for the sale of handmade products, 10 booths for the sale of meats and cheeses, and 10 bars and eateries. It closed for reforms in 2006, with the promise of being reopened 6 months later…but it just plain stayed closed.
Thus, this nice locale has fallen into abandon but a joint project put together by Olinda gov’t and the state gov’t looks to revitalize the space. The reform will include a structural renovation of the entire space and the implantation of complete infrastructure, turning it into a cultural center with areas for commerce, fairs and services, an events hall, a theater, and a place for performances.
We’ll see what the future holds…