Bridge Road is a shopper's paradise. Basically, this is the location of all the clothing factory outlets in Melbourne. They have everything here - from all the top brand names at quite good prices (still too expensive for me, though), to unknown brand names at really cheap prices (I got this awesome shirt to wear out for only AS$5!), to underwear factory stores (picked up this nice little bra reduced from $25 to $5!).
It's really easy to get to as well! From the city, trams run regularly (it says Bridge Road on the front, so it's easy to catch), or you could even walk from the city, it's so close.
My opinion: if you want to do a little shopping while you're in Melbourne, try here. There is something for everyone and to suit all budgets. Put it this way: I was on a tight budget, so I allowed myself $20 and I came home with three items and wearing quite a large grin (there's nothing I like more than a good bargain!).