Taidong Pedestrian Street
The best area for buying stuff. Very "renao" bustling, especially at night when the peddlers come out and you can buy all manner of trinkets, clothing, household wares, etc. While in Taidong be careful of the pickpockets.
Central Hong Kong Road
To provision yourself, head out to this area. Carrefour sells grocery, food, and small electronics. It has a KFC. Jusco is part shopping mall, part grocery store and part department store. MyKal is an eight floor department store with a movie theatre on the top and a grocery store in the basement. Sunshine is a department store across from Carrefour that sells upmarket goods. The Hisense shopping centre located behind Jusco has many luxury goods stores, and a grocery store with possibly the best selection of western foods in Qingdao.
Jimo Lu market
Do not miss this market, a great place to buy knock off Gucci, Prada, Louis Vitton as well as local retail goods. Recently refurbished and opening new shops across the street in a new plaza, it will soon become one of Qingdao's most popular retail markets.
Zhong Shan Lu
Recently retrofitted for 2008, still boasts some of the oldest shops in Qingdao.