There are four Disney outlets in teh WDW area - two at Belz (now called Prime One Outlets, and one of them is closed for rehab), one at Orlando Premium Outlets, and one at Lake Buena Vista Factory Stores.
All 4 carry a mix of clothing and souveniers, mostly from last years stock that didn't sell out. Markdowns usually range from 5% to about 40%.
My favorite of th3 4 stores in the LBV Factory Stores location (which is the only one of the 4 not owned by Disney). Their stock is more hit-and-miss than the others, and their store doesn't look all fancy-pretty-shiny, but their prices are way lower than the Disney owned stores, and their location is very close to WDW, convenient to Downtown Disney.
Click the link in my signature for my page on the outlets, which includes maps, driving directions, store hours, and web links.