In most of the major cities in china you will find pedestrianized streets dedicated to shopping and tourism. In Beijing you have Wangfujing Pedestrian Street, in Shanghai Nanjing Road and Xintiandi, and in Hangzhou you have Zhongshan Road and Hefang Street. The 2 streets are conveniently linked together. Zhongzhan Road is more of a pedestrianized shopping street and the shops are more high-end. Hefang Street is more touristy and has a theme-park feel to it. Many of the shops have been either preserved or recreated for tourists - with many noisy touts vying for your attenttion. The more interesting shops are the old Chinese medicinal shops where you can enjoy free herbal tea - but beware as there have been those who have parted with thousands of dollars on the "miracle" cures.
Zhongshan Road is like an upscale shopping street filled with period buildings. There are some interesting modern architectural insertions among the older buildings.
Hefang Street is more touristy. In fact it feels quite similar to the old streets in Beijing or Shanghai.