A few months ago, we converted our office closet into another work space. This meant that we needed to find new solutions for extra "gear" (clothes, linens, and odds 'n ends). It surprised us how much space was eaten up by the oddly shaped gift wrap collection...rolls of paper, gift bags of all sizes, tissue paper, spools of ribbons. We had no system for any of it.
Though we'd seen vertical standing storage containers for this stuff, we were thinking more along the lines of hiding it all under the bed, one of our only extra spaces. Then we found this gift wrap organizing bag (yeah, we'd used one of our own bags but everything was getting tossed around and destroyed) at The Container Store. We like all the straps and pockets, it's a great size for a good deal of supplies, and it's easy to store anywhere (both vertically or horizontally) and move around if you need to.
Sells for $14.99.