Although its probably not in the same league as London, Milan or Paris when it comes to variety and choice of shopping opportunities, Madrid is still a great place to pick up some bargains as well as buying the latest designer gear, and there are a massive number of shops in the city where you can browse to your heart's content.
Shops in the city tend to be open from 9am-10pm although this can vary, and most shops close for Siesta for a couple of hours in the early afternoon.
The best-known store in the city is El Corte Ingles on Calle de Preciados, and close by there are many designer boutiques.
Salamanca is a good area to pick up antiques and artwork.
The biggest discount sales take place from around 10th January and 5th July for a month each, and are an excellent time for picking up a few bargains.