Langham Place and the malls are on the west side of Nathan Road, between Portland and Reclamation Streets. Mongkok is a lively area packed with local shops, restaurants and the stalls in Ladies' Market (Tong Choi Street); but most of them are on East side of Nathan Road.
Portland Street is famous for its adult entertainment business - they may call themselves saunas, karaokes, internet bars, foot health center; but they are all basically brothels. Most are easily recognizable with their yellow neon signs. You don't have to walk down Portland Street or Shanghai Street as you can get across Nathan Road easily on street level, or through the MTR (subway) station. And you won't be bothered if you do walk down those streets. They are perfectly safe, and you won't see girls hanging out on the street.
I think its location is excellent to get a feel of the real Hong Kong.