All the gift-shop things here have MIT logos; it's that kind of a store. This can be really cute, even though the merchandise could clearly have any name in place of MIT (the "somebody at MIT loves me" bears and "MIT Mom" T-shirts come to mind). The cleverest things are the ones that are sort of engineering-school tailored, like the T-shirts with Maxwell's laws or "cutie [pi]". Other standard gifts are as expected - shot glasses, mugs, pants.
School supplies can be had here at a markup that's only slightly painful. Don't buy textbooks unless you're desperate; it's a terrible ripoff.
Coop membership is open to most MIT affiliated people and offers a minor discount (a few percent of your purchases is returned at the end of the year).
Go here when you need to buy something to prove you were at MIT. This store has the kind of merchandise you can't find at an airport, and plenty more.
more