Yes, often done so.
More or less 10 minutes per way.
It is a relatively recent attraction from the city, where you find many souvenirs and handicrafts from all over Ecuador. You could consider this market hall a small Otavalo, but your interaction happens with the very experienced and talented sales people from Guayaquil. A different experience for sure than Otavalo! Best visited in the afternoon after a city tour or combined with it.
Sightseeing.
Guayaquil.
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