If you're going to stay at Island Shangrila, wouldn't you want to maximize your time at the hotel? How high a priority is your gift shopping? If it's imperative that you go to the best possible place for the best selection of high-quality items, then obviously ignore what I'm going to say. But it seems like a lot of trouble to trek into town first thing after check-in for gift hunting, delay dinner, and then only have a short time to enjoy your room.

Shangrila has a gift shop. They sell a variety of things including stuffed dolls, silverware, tea, fragrances and Chinese handicraft. I'm not sure if they have fans or silk handkerchiefs... probably not. Obviously their stuff is overpriced and their selection will be limited. But if you contact the hotel, maybe it turns out they have a few items that will suit your needs. And then it saves you a trip up to Kowloon. Alternatively, just find something at the airport the next day.