I like the idea of a gift station as this blogger has depicted, but some of us don't have that much room! For our holiday gift wrapping, we set up a temporary gift wrapping station on my sewing table. We have a long plastic box that we keep gift wrap and holiday gift bags in, and an large old holiday popcorn tin full of bows. Add a bag of miscellaneous ribbons and gift tags and we're good to go. The rest of the year, we keep those few containers in a cupboard under the basement steps.
When all the kids lived with us, I often bought Christmas wrap at the post-Christmas sales and packed them away for future Christmases. But what happened was that I bought too much and ended up not buying wrap for years! Even the wrap we use now is old, but most of it is still sealed in plastic so it's OK to use. Just looks a little dated. But no one complains; maybe they don't mind seeing it every year :)