This is a great spot to get come and pick up traditional chilean art. Although, the majority are…read moregoods from Peru, so if you will be making a stop there, I would pick it up when you are there.
However, luckily I live a few blocks away and when I am in need of a quick present or gloves this is the place.
Make sure to get here before 7 as they start to close up - and they are closed on Sundays.
Also, bring cash as most places don't take credit cards. The only places that do are the delicious all natural fruit juice and crepe place as well as the more high-end stalls that sell jewelry and lapiz lazuli.
If you live in Chile I think Santa Lucia is mainly thought of as a place for tourists, but they have some awesome and unique products such as Indian style clothing and great quality all leather shoes and bags.
Definitely worth a trip here to see what the local artisans have to offer.
Tip:
There is one stand that has a GIANT indio picaro. If you don't understand Spanish that well, I will warn you: they charge to have you pick him up. It is great fun but if you don't know you will be getting charged to do it, it feels a bit weird when you have to hand them over your change (unfortunately speaking from personal experience from my second week in Chile and didn't speak a word of Spanish).
Right outside of the market are artisans who sell tie-dye and jewelry made by hand. I suggest checking out what they have.
You can also barter here although it is not very common. But if you buy multiple of one thing ask for a deal.