The stoa is among the important votive offerings dedicated to the sanctuary by the Athenians. It occupied a central position, below the great temple, in front of the imposing polygonal terrace wall and opposite the Halos, or threshing floor, where plays honouring Apollo were staged. The stoa was used for storing the war spoils, mostly from naval victories against the Persians, dedicated by the Athenians.

The stoa was part of the building program of Perikles. It was built in 478 BC, after the Athenians destroyed the pontoon bridge assembled by Xerxes across the Hellespont in an attempt to reach the European shore. Indeed, an inscription on the top step of the base records the Athenian dedication of the stoa, and of cables (from the bridge) and figureheads (from Persian ships). More spoils of ships from naval battles including those at Mykale, Sestos, Salamis and the Hellespont, were added in subsequent years.

The stoa, a long covered space, was built against the polygonal terrace wall. It consisted of a three-stepped limestone base supporting an Ionic colonnade of eight monolithic, fluted columns in Pentelic marble with bases of Parian marble, and a row of engaged pillars leaning against the terrace wall. The roof was made of timber. Inside, a stone-built podium held a display of votive offerings.

The surviving lower part of the monument has been restored.