Whether the column has any historical significance is debatable but the fact remains that it makes it a lot simpler than calling the square by its official name: Filliki Eterias Square more of which below.
Kolonaki is worth knowing about as it represents itself to be the prime place to buy haute couture clothing and shoes for Athenians. Visitors in the know, from all over the world shop here too! The 10 minute walk away Attika Mall is a new option and very good and convenient choice too. Its Greece' largest mall. But Kolonaki has it beat for shoe stores by the score. Kolonaki also contains many chic international boutiques and coffee shops, where Athens 'Elite' like to see and be seen. There are several banks and 24 hr. electronic tellers in the square area.