Shop until you drop on China's premier shopping street Nanjing Road, or head for the Yuyuan Bazaar for Chinese crafts and jewelry not far from the Bund. Nanjing Road is a long street. The more famous part lies in the east near the Bund (Nanjing Road East), with a 1-km long pedestrian boulevard (Metro line 2 at Nanjing Road East station, formerly called Henan Road station) lined with busy shops.
The wide boulevard is often packed with people on weekends and holidays. The shops are often targeted to domestic tourists, so the prices are surprisingly reasonable. Local people often look down on Nanjing Road and shop at Huaihai Road (another busy shopping boulevard with more upscale stores) instead. For the high end boutiques, go to the west end of Nanjing Road West near Jing'an Temple. Several large shopping malls (Plaza 66 aka Henglong Plaza, Citic Plaza, Meilongzhen Plaza, and others being built) house boutiques bearing the most famous names in fashion. No. 3 on the Bund is another high-end shopping center featuring Giorgio Armani's flagship store in China.
For those interested in boutique shopping, head to the French Concession Streets Xin Le Road, Chang Le Lu and An Fu Lu starting from east of Shan Xi Road (nearest metro station is South Shan Xi Road on line 1). This section of low rise building and tree-lined streets bustles with small boutiques of clothing and accessories, where young Shanghainese looking for the latest fashions shop.
The infamous Xiangyang Market was finally shut down for good in June 2006. The biggest "replacement" market is in the metro station (Line 2) at the Shanghai Science &Technology Museum. The most common name for the market is "A.P. New XinYang Fashion Market." There are a number of variations, and the name really doesn't even matter. The easiest way to get there is by metro and there you can purchase all your knock-off products. The place is much more overrun by foreigners than Qipu Lu (below), and as such the prices are much higher.