Colon Street in the Parian district in downtown Cebu City was originally developed by the Spanish explorer Miguel Lopez de Legaspi. He arrived in the Philippines in 1565. The street was named after Cristobal Colon (Christopher Columbus).
From the very beginning, Colon street was the lifeline of trade and commerce in colonial Cebu. For centuries the oldest street remained the heart of Cebu's shopping and business district, the chief address for commercial activities, and the place where numerous important social and cultural events were taking place. Photo source
The most fashionable shops, boutiques, restaurants, offices, and movie houses were once on Colon Street. With the arrival of the American shopping-mall culture in the 1990s that changed. A significant portion of business shifted to the uptown malls. But even so, Colon kept the leading role in economic activities for shoppers who search to get more value for their money.
"On April 27, 1565, Miguel López de Legazpi and the friar Andrés de Urdaneta arrived on Cebu and founded the first Spanish settlement and Catholic mission in the Philippine archipelago. For six years, until Legazpi's removal to Manila, Cebu was the Spanish colonial capital."