I'm staying at The Victory Hotel, Macau. where can I go shopping for cheap souvenirs?

Do you refer to the Victoria Macao? If yes, Ruins of St. Paul Souvenirs Street wins high popularity. You can find all kinds of interesting and meaningful souvenirs there. Most of them have acceptable. You can go and see.
From the hotel, you can take public bus no.3 at Amigos do Jardim Triangulo, get off at Avenida de Almeida Ribeiro. Then walk northeast around 370 yards (340 meters). Have fun!