Think of all of the cool stuff you could store in a craft closet using hanging clothes and shoe storage solutions.
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Craft Paper Storage: Special order 2 gallon ziptop bags, 1 gallon bags won't hold 12x12" scrapbook paper. The best price I found was for 13x15" ziptop bags on Amazon in a 100 pack for about $16. Get packs of pants hangers at your local big box store.
AWESOME SYSTEM!!! GREAT USE OF SPACE WITH EASY VISIBLE ACCESS TO YOUR PAPER! **NOTE: For anyone who has pinned this before, that link didn't work! I have now re-pinned this from the original site so it should work properly again** Paper Storage Shelf
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.