Residents of Melbourne take their shopping seriously and this is reflected in the number of shopping arcades and markets that are dotted throughout the city. Some of the arcades are architectural masterpieces in their own right. Melbourne Central, La Trobe Street, has a magnificent glass cone covering the famous Shot Tower, the only feature remaining from the Lead Pipe & Shot Factory. There are over 200 shops, including many Australian designer outlets. The Block Arcade, Collins Street, one of Melbourne's main shopping streets, is a grand Victorian building. This is reflected in the shops that sell elegant leatherwear, glassware and couture. Nearby is the Royal Arcade, which features antique and gift shops.

Myer, on Lonsdale Street (scheduled to shift to Bourke Street around 2010), is a city institution established over 80 years ago and one of the biggest single department stores in Australia. Nearby  is David Jones, a well-regarded department store noted for its tempting food hall. Meanwhile, the Crown Entertainment Complex, at Southbank, houses swish boutiques selling the likes of Burberry, Prada, Louis Vuitton and Versace. Many of the city's department stores stock typically Australian products and some of the best goods to look out for are woollen garments, bush gear, handcrafted jewellery (particularly opals), woodwork design and ceramics.

The exclusive shops along Toorak Road offer the latest designer labels, while many young, independent designers have outlets on Chapel Street. Shoppers with more bohemian tastes will find Brunswick Street in Fitzroy a veritable Aladdin's cave of clothing shops and gift and book stores. The cake shops of St Kilda, a traditional German Jewish area, are marvels to behold. The bayside suburb also features interesting bookshops and trendy cafes.

Melbourne has a number of markets located throughout the city, although the most outstanding is the Queen Victoria Market, on the corner of  Victoria Street and Elizabeth Street. This market was traditionally a place to buy foodstuffs but it is now possible to buy almost anything in the various halls and quaint shops. The market is open Tuesday and Thursday 0600-1400, Friday 0600-1800, Saturday 0600-1500 and Sunday 0900-1600.

Standard opening hours are Monday to Saturday 0900-1700 (although an increasing number of shops are closing at 1730) with late-night opening on Fridays and, in many cases, Thursdays until 2100. Many major department stores and shopping centres are also open on Sundays and a growing number of supermarkets are now open 24 hours a day. Australia has a 10% Goods and Services Tax. Price tags always include GST. There are several duty-free shops in the city centre, as well as at the airport. Shoppers must show their passport and onward ticket upon collection of duty-free goods.