Las Rozas Village is pertains to the same business chain as the one in Barcelona, La Roca Village. I don´t know if Locals love this place (I only go on sales or pre-christmas) but it is great for tourists cause of the number of luxury brands they have there.
The mall is very nice as it is open air. You will find 3 huge stores of Ralph Lauren, Gucci, Lacoste, Missoni, Tommy, Carolina Herrera, Dolce&Gabbana, Burberry and many others. Price can be pretty lower than the regular ones, specially on times of sale. To find out how to get there click here: https://www.lasrozasvillage.com/en/getting-here/
They have an express bus that costs 18€ per person. You can go by regular bus also, it costs much less but takes much longer.
Mon-Fr: 10:00-21:00
Sa: 10:00-22:00