Businesses in Caernarfon want to share the ancient rights of market traders to hold events on the main town square on Saturdays and Mondays.
The local chamber of trade already arranges events such as a Victorian fair and music on the square, but never on a Saturday.
The chamber says the market traders back the bid and a petition in the town is asking for public support.
Gwynedd council said it was examining possible options for the area.
Castle Square – known by everyone in the town as Y Maes – lies in the shadow of Caernarfon Castle where the investiture of Prince Charles as Prince of Wales was held on 1 July 1969.
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