Puerto Montt is a great place to pick up souvenirs. On Avenida Angelmó, from the bus terminal to the fish market, is the Feria Artesanal de Angelmó (daily 9am-7pm, until 9pm in the summer), with dozens of stalls and specialty shops that peddle knitwear, ponchos, handicrafts, jewelry, regional foods, and more from areas around the Lake District, including Chiloé. It's about a 20-minute walk from the plaza, or you can take a taxi. There is also a large, tacky shopping mall south of the main plaza, with national and international chains.
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