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Shopping, shopping, shopping... three of the best ways to fill your time on Mykonos. Although Mykonos can be expensive you will find things there that you will not find certainly in the rest of Greece.
Stores stay open until late in the evenings so you don't have to sacrifice beach time. Very few adhere to the old-fashioned siesta in the afternoons either. Remember Greek goods when sold in Greece will be substantially cheaper than their international outlets, eg Ilias Lalaounis Jewelry which can be about 30% cheaper than their stores in New York. But be careful of dealers which have offers that sound too good to be true...
One bonus for visitors to Greece from August onwards is the fact that Summer Sales and promotions are regulated and all clothing stores have them the same few weeks. Real bargains can be had on exclusive designer brands.