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For a uniquely local shopping experience definitely begin your tour with the bustling "food temple" Kleinmarkthalle (translates into: "small grocery market hall", which is anything but small). Here you'll find an agglomeration of about 150 market stands that offer all varieties in fruit, vegetables, meats, cheeses, flowers you can possibly imagine. The prices are not exactly low, but the atmosphere in this cultural gem is certainly priceless. The only problem is finding this place, it's halfway between the main shopping drag Zeil and the Roemer market place, but simply follow the steady stream of visitors or ask your way to the place.
For other less commercialized shopping, try the Berger Strasse or the Oeder Weg with many lovely family-owned stores, if it's a boutique, a design store or simply the neighborhood bakery, almost all of it is unique solely to Frankfurt.
The area around Brückenstraße in Sachsenhausen is becoming more and more popular as a place that has little boutiques and handicraft shops.
Upscale shopping can be found along the Goethestrasse and the Fressgass (both close to the Alte Oper square). All the big designer names can be found here, but also sprinkles of pure Frankfurt (such as Ebert's Suppen or the Long Island Summer Lounge close to the Fressgass). Trendy stores (such as American Apparel) can be found close to the Commerzbank tower.
Frankfurt's most well-known shopping district is the Zeil (which starts at the Hauptwache and ends at the Zoo) or the shopping mile. Here you will find tons of shops with everything you could ever want. Not only will you find the high end designer stores that sell the latest fashions (Eckerle, Pohland, P&C, Appelrath & Cüpper) but you will also find shops with rare antiques and collectables that you won't be able to find anywhere else (more in the zoo neighborhood). This area also has a great spot to view the city and nearby mountains (this can be done from atop the Kaufhof restaurant in the seventh floor). While the Zeil sometimes looks like its best days have already passed, the newest shopping mall myZeil has been a fantastic addition for shoppers in Frankfurt (with 200 new shops, many new to Germany).
If you get tired from a full day of shopping and spending, you can relax in a cafe on the main strip or go to a restaurant or bar. At night, this area can get quite busy with tourists who are looking for a good time. This is almost like a Times Square for Frankfurt, although no where near as big. It has its own unique charm and suits the city well. If you want to go to a real German food market, you can go to the growers' market on Konstablerwache (on Thursdays and Saturdays only), which is also located on the Zeil. Here, sellers have everything, from produce to fresh vegetables to candy. If you are staying in a hotel or apartment with a kitchen this is a great place to find some local fresh food to cook for yourself.