Dongtai Road Antique Market
Row after row of booths are sprawled across this small part of Shanghai, just south of People's Square. Here, you can find pretty much anything you want, from tiny Mao statues, to old leather suitcases stacked 10 feet tall. Each vendor will be on you as soon as you approach their booth. They are quite polite, however, and will have a calculator or phone handy to show you the price for their items.
The catch is that the majority of these "antiques" are actually factory-made items, and most booths have similar items. The good part is that you have a really good chance of a low price if you bounce back & forth between booths that have the same items.
Shopping aside, this is also a great spot to see daily Shanghai life. Laundry hangs over your head, food trucks cruise up and down the rows, and the vendors socialize with each other when they are not selling items. This is a must for any visitor to Shanghai.