market place vs grocery

market place and grocery both are nouns.

Word	Noun	Adjective	Verb	Adverb
market place	Yes	No	No	No
grocery	Yes	No	No	No

As nouns, grocery is a hyponym of market place; that is, grocery is a word with a more specific, narrower meaning than market place:

market place: an area in a town where a public mercantile establishment is set up
grocery: a marketplace where groceries are sold

market place (noun)	grocery (noun)
the world of commercial activity where goods and services are bought and sold	a marketplace where groceries are sold
an area in a town where a public mercantile establishment is set up	(usually plural) consumer goods sold by a grocer