It's quite evidently a traditional style (old fashioned) Chinese street with lots of traditional Chinese architecture. A good place to stroll in the evening hours when the lanterns will come alive adding an extra charisma to the place. Loads of shops selling toys, apparels and souvenirs. I couldn't find any shop which approves much of negotiation.
If you are travelling to Shanghai, you shall get all the stuff that you see here at much lower cost (if you negotiate well and and has time to buy at Nanjing street). The boat trip through the Canal is good if you could take it before 6pm. Otherwise you can hardly see anything as the lights are only towards and boarding location. Afterwards, it's all a dark and gloomy alley.
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