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I wouldn't recommend shopping in Rio at all. Cheap things have really bad quality and good quality things are too pricey, be they clothes, shoes or electronics. Shopping Nova América is probably the only place where you can find shops with good price-quality ratio. It's a perfect option for a rainy day, as metro takes you straight to the shopping mall, which is so big that you can spend the whole day here. Opening hours: Mon-Sat 10 am - 10 pm, Sun 1 pm - 9 pm. The shopping center can be very crowded during seasonal sales!
Shopping Nova America is located in the North zone of Rio, not many tourists find the courage to go there. Yet, it is easily accessible with the metro, which is connected to the center. It is a huge shopping center and not overpriced, like most of the centers in the South zone of the city. You can find many good deals and brands and save money. Like all big shopping centers in Rio, it has its own food court and cinema, so you can spend the whole day in there if you are a serious shopping fan. No need to go out to the dangerous streets of the Zona Norte.