Recent redshift surveys suggest that most galaxies may be distributed on the surfaces of bubbles surrounding large voids. To investigate the quantitative consistency of this qualitative picture of large-scale structure, we study analytically the clustering properties of galaxies in a universe filled with spherical shells. In this paper, we report the results of the calculations for the spatial and angular two-point correlation functions of galaxies. With ∼20 ∼20 of galaxies in clusters and a power law distribution of shell sizes, nsh(R)∼R−α nsh(R)∼R−α , α≃4 α≃4 , the observed slope and amplitude of the spatial two-point correlation function ξgg(r) ξgg(r) can be reproduced. (It has been shown that the same model parameters reproduce the enhanced cluster two-point correlation function, ξcc(r) ξcc(r) ). The corresponding angular two-point correlation function w(θ) w(θ) is calculated using the relativistic form of Limber's equation and the Schecter-type luminosity function. The calculated w(θ θ ) agrees with the observed one quite well on small separations (θ≲2deg θ≲2deg ).