First off, do you have an armoire that is not being used efficiently?
Here's an idea:
Here's another great idea (if you have the hanging space) from organizeyourstuffnow.com
Use shower curtain hooks to hang your purses. I also love the way the shoes are organized. Not an inch of wasted space in this closet!
And last but not least - your child's closet:
From onlinemoneymakingrevealed.com, these hanging organizers make space in a closet super efficient - and easy for mom to select outfits for a week and place in a cubby for each day of the week. Just grab the outfit and shoes.