The best know local market in Munich is the "Viktualienmarkt" http://en.wikipedia.org/wiki/Viktualienmarkt. It is located near the city hall. And for shopping that area is great. Just walk from Marienplatz to Karlsplatz (Stachus) and discover plenty of different shops.
Another one is Elizabethmarkt on Barer Strasse in Schwabing. Much smaller than the Vik but also, less touristy.
Easy walking distance to the Neue Pinakothek, Tresnjesky (restaurant & bar), Cafe Schwabing & many other neat places
yes there are specials the best, but all around in Munich, there are lots of interesting shops, especially in the pedestrian area from Karlsplatz to Marienplatz stachus downtown in the