Wrapping paper tends to form precarious piles that inevitably topple when you go to grab that lone birthday pattern from the bottom. Storing gift wrap vertically means you can hide it in skinny corner or closet, and a garment bag keeps everything neatly corralled.
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I am totally doing this! Storing wrapping paper is such a pain - the rolls are all different lengths and some can't fit into certain storage containers if they are too long. I'll probably hang them up in my garage, but so much better than those stupid containers!