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Street Markets

Tepito. Tough place. The cheapest pirate CD and DVD copies, stolen goods, electronics, cheap copies of Calvin Klein underwear. This is what you find on the main street. On the side streets you can get cocain, pot or guns or loose everything you have. So if you are not a gangster, do not go in the side streets. Seriouslly. Open daily, except Tuesdays.
Address: metro station Tepito

La Lagunilla. I prefer this one. It is next to Tepito market, but it is safer and more interesting. It has an area which is more like a flea market with antiques. You can also buy second hand or new clothes, bags, parfumes, hats, shoes, books. There are either better copies or stolen originals. Only on Sundays, starts between 10 and 11 am.
Address: metro station Lagunilla, or you can walk from the centre (20 minutes) on the  República de Argentina street

La Ciudadela. If you are looking for Mexican art or souvenirs (ceramics, wrappers, hammocks, sombreros) and did not have time to buy them while traveling this is the place. Open daily.
Address: Balderas street, between metro station Balderas and Juarez