I second a day trip to Oxford. It's only 60 miles from Memphis. The square is great. Plenty of shopping for your wife too. If you like books Square Books is nice. Also Off Square(older books and interesting stuff) and Square Books Jr. for the kids. Landry's is the best, Hinton & Hinton and Neilson's are nice as well. Landry's was having a big sale last weekend. Another place I like is National Menswear on West Jackson Ave. It's more "old man" type clothes as my wife would say, but I got a pair of Charleston Khakis for $41 last weekend. Ajax is great for home cooking. City Grocery for more upscale/fine dining. If you go, you must make a trip through campus. Stop and sit in The Grove for a while, maybe even get carry-out and eat lunch in The Grove. If you are into William Faulkner, a trip through his home, Rowan Oak, would be nice as well. Just about anyone you ask can tell you how to get there(it's near campus).
There is supposed to be a shoe store in Pontotoc, MS that sells Alden or Allen Edmonds or both at discounted prices. Have always meant to go, but haven't made it yet.
Nothing much of note here in DeSoto County. There is a store in Hernando that sells Southern Proper ties, polos, etc. It's called the Pink Zinia, located in Funderburk's Pharmacy building on Commerce.