Camino literally means ‘way’ or ‘walkway’ in English, and the -ito or -ita ending tagged onto Spanish nouns means little or small. And so Caminito is often translated as either ‘little walkway’, ‘little road’, ‘little path’, or ‘little street’.
All of these are correct. It is little! At less than 100 meters long, it was never going to win any awards for size, but then Buenos Aires claims to already has those in the bag – Avenida 9 de Julio for world’s widest street and Avenida Rivadavia for world’s longest! However, Caminito certainly makes up for its shortness with its amazing colors, and probably has won some kind of award before for greatest concentration of Japanese tourists per square meter.