That's correct but it doesn't mean just "shopping around. "Fare un giro" could have different meanings basing on the context. I think it's easier to understand through some examples:
Fare un giro per negozi --> Walk around going to shops
Fare un giro per la città --> Walk around visiting the city
Fare un giro in macchina --> Have a small trip with a car
Andiamo a fare un giro? --> Shall we go out for a walk?
In any case, it refers to a movement.
I hope I've helped you! :)
If you need any help feel free to contact me.