Sharm el Sheikh basically have two markets - the new built-for-tourists Naama Bay mall, and Old Market.
There's really not much to see here. A couple of stores and bunches of people going "No photo, five pounds! Hey, photo, one british pound!" all the time. It is said that this is where the locals go, but I really doubt if it isn't just 50% tourist trap as opposed to 100%, which is the standard around here. I mean, the market for gift shops can't be that big when you're selling to locals, can it?