If you're staying at Yonge/Bloor, you're right near the area of Yorkville (Bay/Bloor). Some nice eclectic and fancy shops and restaurants, and possibly a good place to see celebrities if you like that sort of thing. Also really good wings at a place there called Hemingway's.
If the weather's decent, walk down Yonge Street from Bloor to Queen - there are still some head shops enroute, and then head through the Eaton Centre. Once you hit Queen, walk west to John St (where MuchMusic is). Again, some neat places to see and good for some people-watching.
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