Known as the Sneaker Street, it contains over 50 stores selling sports shoes. This street is popular (mainly among men) for the vast variety of footwear brands (Nike, Adidas, Vans, Converse and much more) with relatively friendly prices compared to other areas of Hong Kong.
Apart from shoes, you can also visit various clothes shops or market stalls, which sell seasonal fashion. Don't expect to find many souvenirs here, as the place is mainly used by locals.
You can get here by metro, for the Sneaker Street it's Mong Kok station - Exit E2 or D3, and for the Street Market, it's Prince Edward station - Exit B2 (Kwun Tong and Tsuen Wan lines go through both of these stations).
General opening time of the shops and stalls: daily 11 a.m. - 9:30 p.m.
Wikipedia https://en.wikipedia.org/wiki/Fa_Yuen_Street
Coordinates 22°19'6.985" N 114°10'16.696" E