this may be the same for most places but always take care that u look around in london before buying anything at all! its very expensive here and if you choose to walk a few paces to the left or right you'll probably find the same souvenir considerably cheaper!
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At Least Do This: if there is only one shop in sight, always always try to haggle. if you buy alot from a certain person they can give you a reasonable price. try not to be insultingly low though as it is likely that their shop may be there only form of income. sadly this doesnt work for department stores
Alternative: if possible try to buy your souvenirs from a shop rather than a stall. and dont bother buying anything if its cheaper at home. this is all coming from a students experience