Placa Espana is more home to the transport hub in Palma than a shopping mecca, but the main reason to come here is to visit the enormous El Cortes Ingles department store a few minutes walk away.
Similar to John Lewis in the UK, this one-stop-shop has everything you may need for the home, plus fashions and accessories and even a (decent) supermarket on the lower ground floor.
Another draw to this area is the Olivar food market. This covered market contains many fresh produce stalls as well as a fish market. There is a supermarket on the upper level.
There are few additional fashion and shoe shops in the vicinity, and the area has many decent spots for lunch (try Tasca de Blanquerna or Digui) which makes it worth your while coming up to this end of town.