Stary Arbat (or Old Arbat) is a pedestrian street with lots of souvenir shops, restaurants, cafes, theaters, business centers and trendy boutique stores.
In the 18th and 19th centuries, famous Russian writers, such as Pushkin, Gogol, Tostoy and Chekhov, used to live there. Nowadays this street is full of tourists and therefore a perfect place to buy souvenirs of all kinds and for any taste. Arbat stores offer matryoshka (traditional Russian doll), boxes with images of Russian fairy tales, amber, Gzhel (traditional ceramics), Khokhloma (traditional painted wooden utensils) and warm Pavloposadskye shawls and others.  But keep in mind - prices here rather high.
Arbatskaya metro station