Often, the best solution here is built-in cabinets, with doors, open shelving, or both. But if you have a smaller room, this can take up valuable floor space. Slim, freestanding furniture, such as a drinks cabinet or tall sideboard, can be employed in these tighter areas; the spare space will create the appearance of more room, too. Hanging a mirror, as opposed to artwork, in an alcove will bounce light around and further enhance the illusion of space.
If storage is the name of your game, however, build your cabinets as tall as you can and paint them the same shade as your walls (and don’t forget to add on any matching cornicing or coving). They’ll look as if they’ve always been part of the room.