"We had a few places in mind, but we also had a lot of other venues approach us."
She said the society organised a team to investigate and gather information on each site, and present their findings to the stall holders. "Now we've made a decision as to where we're going, everyone's really excited."
The society decided to move the market in January, as customer numbers and sales had been declining since the recession, and Solway Showgrounds was not attracting significant foot traffic.
Ms Harwood said the prominence and centralised location of the Queen St site would hopefully bring in the punters.
"We knew something needed to be done to give the market more vibrancy," she said.
"The new location is very visual; more so than where we are now, which is a bit tucked away.
"When we move, the market will be more obvious to visitors. And locals will be reminded that it's on."
The market's move to Queen St is supported by Trust House and Masterton District Council, which both own the Horseshoe carpark.
Trust House chief executive Allan Pollard said he welcomes the addition of the market next to The Farriers, an eatery seating up to 200 people and providing year-round outdoor dining.
"The market and The Farriers will not only complement each other but enhance the other attractions in the area including the pool complex, Queen Elizabeth Park and museums," said Mr Pollard.
Masterton Mayor Lyn Patterson she was delighted the market would be getting more visibility.
"The more people who see it, the more it will become known," Ms Patterson said.
Trust House plans to erect a large pavilion-like structure to keep the market stalls protected from various weather extremes, Ms Harwood said.
"It will help maintain everyone's safety, especially from the wind," she said.
"That way, our stallholders won't need to use gazebos when they exhibit. Unfortunately, the Wairarapa weather isn't overly friendly to gazebos."
Ms Harwood said the market will most likely be moving in October, just in time for the improved weather and the beginning of the market season.
Until then, the open-air market will continue at Solway Showgrounds.