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Shopping in El Calafate is limited compared with other parts of Argentina. There are a lot of handicrafts but the prices run significantly more than Buenos Aires or even Puerto Iguazu.
One will not find too many bargains in El Calafate.
Suggest the Leather Factory/Fabrica de Ropa de Cuero store, just off Avenue Liberatador for reasonable priced leather products.
Overjitas de la Patagonica, on Avenue Liberatador, has good chocolates (not cheap) and gelato. Chocolates are good -- not super sweet but smooth and milky. Highly recommended.