A merchandise shop street is a street with all kinds of shops and merchandise on it. Sounds like a lot of shopping goes on here in this shopping district!
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.
My brother is a complete moron. Yesterday, he went out to get some milk in the shopping district so he could try and drink milk with his nose, but he got lost there and ended up not buying it.