If you have time, Vicki, here's an alternative to the Fifth Avenue circuit.
First, go to West 4th Street and 6th Avenue. Walk west, towards seventh Avenue. On the way, you will walk past two or three fetish-type stores which have very interesting and adventurous items, including very sexy lingerie. The Pink Pussycat Boutique is one name I remember, but there are a couple others there that sell the same sorts of items. You can even pick up sex toys and/or marital aids there, if you're into that kind of thing.
Once you've finished there, go to Seventh Avenue and turn left (south). Walk down to Houston, and turn left (east) again. Walk for about five minutes, until you hit West Broadway. Turn right on West Broadway (south) and you will pass a place called Linda's Lingerie, which is a high-end lingerie store. If you want something here, be prepared to spend some serious cash.
After that stop, you should be able to wander the streets of Soho between West Broadway and Broadway (Prince St. Spring St, Broome St. Wooster, etc.) and find a crapload of stores and art galleries of many different types. It's a great area to window shop and people watch too. After all this, you could go down to Canal street and turn left (east) if you want even more shopping fun. This is Chinatown, and there are storefronts every ten feet offering great deals on purses, perfumes, colognes, jewelry, hats, shirts, sunglasses, coats, etc. These people are always ready to make a deal, so if you like to dicker and negotiate abouty price, you'll love it here. When you get to Mulberry Street, go left again (north). This is Little Italy. Once you pass the second traffic light, you will see a restaurant called La Mela on your left. Go in, sit down, and eat the best family-style italian food in that whole damn area. Stuff yourself. You've earned it.
This walk could take anywhere between two hours (if you're really hoofing it) and a full day (if you're wheeling and dealing and taking it all in at a relaxed pace). I recommend taking it all in at a relaxed pace, if you have the time. It's a very cool part of the city.
Here, take a look at the route on a map if you want.
And if you'd like to stop by my apartment afterward to model some of your purchases, I'd be more than happy to check out your goodies.