Although Calle Colon is one street, all the streets leading off of it contain hundreds of little shops where you can find anything you are looking for. Many of the shops are shoe stores that have basically the same shoes for many of the same prices. You just have to shop around for the best prices. There are three different El Corte Ingles's in that district. Each have different sections of a regular department store, they are just split up. I suggest Zara. There are stores for men and women.
During the whole month of July they have Rebajas (sales). EVERYTHING is on sale for at least 50% off the regular price. Taxes are already included in the price. Have fun!