Ahhh, the ‘shoegaze’ sound. Often imitated, but no one really knows what the ‘definitive’ sound is. Personally, I think MBV created the sound with Loveless – probably the most perfect shoegaze album ever.
What I would do, instead of trying to recreate the generic shoegaze sound, is experiment with lots of different sounds. For instance, instead of buying tons of stomp boxes to get the sound I wanted, I went for an Alesis Midiverb Controller which has hundreds of preloaded sounds but which allows you to endlessly edit them to get the sound you want and save them to the unit and call them up whenever you need them using a midi controller. Use this in tandem with a pedal or two and you have a pretty powerful setup.
Also, I just ordered the new ehx Catherdral Reverb Pedal which I must say sounds so sweet that it just might replace all my pedals, and streamline my setup even more.