I have been in Shanghai the last two weeks and simply loving it.
Shopping and eating, lets go:
For shopping, I seriously suggest going to some markets.
Unfortunately I only made it to two markets in Hongqiao district,
and I've heard the ones on Nanjing lu are really crowded and crazy.
So for touristy things and touristy prices go to Hongqiao Pearl Market.
I was able to find vendors who haggled with me for a while until I got some cheap prices. This place has souvenirs, fake bags and shades, overpriced headbands ($25 yuan?!) and a large shoe selection on the 3rd floor.
*While shopping in markets in Shanghai, make sure you start buying on the top floor, because that is where business is slower, so they prices will be better when you bargain with them.
The second market which I prefer is HongQiao Da Tong Yang Market 大通阳商厦 on JinHui 金汇 lu, it is also called KoreaTown because there are some stores with Korean things. This market may be where the older things from the Pearl Market come, so it is cheaper. Da Yong Yang has silk robes, pajamas, shoes, fakes, accessories, a tea store, electronic accessories, and stationary. I could spend a whole day here!