With the end of Communism, Muscovites have embraced the opportunity to shop with gusto. In fact, this is now one of the most consumer-obsessed cities in the world. Flashy shopping centres and outlets for chic brands such as Gucci, Tiffany, Rolex and Vertu have proliferated thanks to their appeal to the obscenely rich and the aspirational middle-classes. Sunday is no day of rest for Moscow shoppers and most malls and stores in popular shopping areas such as Tverskaya open late each day. Gone are the days of long lunch breaks; some shops even advertise the fact that they do not close for tekhnicheskii pereriv - 'technical breaks', a tiresome inconvenience in Soviet times.

To see how the oligarchs live, look no further than Gosudarstvenny Universalny Magazin (GUM, housed in the former buildings of Moscow's grandest 19th-century department store on Red Square. Its boutique outlets are full of names out of Russian Vogue such as Hugo Boss, Dior and Calvin Klein. If thousand-dollar handbags and fur coats are beyond your means or taste, head to Bosco on the ground floor. This seriously overpriced clothes retailer has a cafe and bar next to its store overlooking Red Square, so you can eat like an oligarch, drink like an oligarch and dress yourself like an oligarch!

Another playground for Muscovites with money to burn is Okhoktny ryad, under Manezh Square, where you'll find more modest, high street fashions such as Benetton, Guess, Nike, Reebok and Lacoste. It's worth a visit if only to see the shopping centre's garish centrepiece - a fountain beneath a dome made of stained glass depicting the whole of Russia. Built by Moscow's mayor, Yuri Luzhkov, for a princely sum of US$350 million, it is as much a tribute to consumerism as his other brainchild, the Christ the Saviour Cathedral, is a symbol of Russia's religious renaissance. 

Tverskaya ulitsa, heading north from Red Square, is Moscow's most fashionable shopping street and the address of some very expensive boutiques. Muscovites also compete to outdo each other with sheer extravagance at the boutiques along pedestrian Stoleshnikov pereulok. Tourist-oriented gift stores are concentrated on ulitsa Arbat.
 
One store everyone should visit is Eliseev Gastronome, at 14 Tverskaya. Built in the 1880s as a nobleman's palace, it was turned into a shop in 1901, and it still retains its original curling marble pillars, mahogany shelving and candelabras. It is now owned by an upmarket supermarket chain, which means that the basics such as bread and milk are sold around the clock alongside imported luxuries such as white asparagus and flavoured aloe vera juice. There is also a decent but overpriced gift shop at the back.

For the souvenir hunter, Palekh and Kholui lacquered boxes make attractive gifts, as do the traditional matrioshka dolls (wooden dolls within dolls) and samovars. Other popular knick-knacks include Khokhloma wooden cups, saucers and spoons (painted gold, red and black) and Dymkovskaya Igrushka, pottery figurines based on popular characters from Russian folklore. Engraved amber, Gzhel porcelain, Vologda lace and Fabergé (or at least Fabergé-inspired) eggs and jewellery are highly sought after. In tourist areas, stalls sell fur hats, hammer-and-sickle belt buckles and other Soviet mementoes, many of which are modern copies at antique prices!

In the northern suburbs of Moscow, close to the Partizanskaya Metro station, Izmailovo Market has a well-stocked souvenir section with lots of matrioshka dolls, and a weekend flea market that attracts many old-timers selling antiques and genuine Soviet bric-a-brac. With crafty bartering it is possible to pick up some real gems, but remember that antiques, works of art (including religious paintings) and manuscripts, other than those offered for sale in souvenir shops, may not be taken out of the Russian Federation without an export licence.

For a real taste of Russia, the Cheremushinsky Rynok, on Lomonovksy prospekt, gathers together fresh produce from all corners of the former Soviet Union. The market is open Monday to Saturday 0700-1900 and Sunday 0700-1700. Gorbushkin Dvor market is a hugely popular market selling everything from digital cameras and mobile phones to cheap CDs and DVDs and equipment to play them on. Open daily 1000-2100.

Shopping hours are generally Monday to Saturday 0900-1800, although some larger stores open from 1000-2000, while smaller shops still take a break from 1300-1500. VAT stands at 18% (10% for certain foodstuffs and items for children).