◊The phrase new arrival is often used to refer to a baby that has recently been born.
▪ Everyone gathered at the hospital to see the family's new arrival.
(From Merriam-Webster's Learner's Dictionary)
Is new arrival also used to refer to shoes that have recently been on sale?
It's used to describe a product which has recently arrived in a shop to be sold, yes. Be careful when you say "on sale". It is ambiguous. It can mean "for sale" or "being sold at a discounted price". "New arrivals" would only mean "Products which have only just arrived in the store and are now available for purchase".