This discussion has been had over at the Old House forum, so you might want to check that thread there for other ideas. I definitely agree with the armoire idea, or have some period-style built-ins constructed. Put your funeral suit and cocktail dresses in a guest closet along with other occasional items. What I do is switch out my wardrobe seasonally, which is a great option if your climate allows it. This also gives you an opportunity to really purge your clothing. (That would be another choice. Harsh reality as it is, part of the trade-off in living in our beautiful old homes is compromised storage space by modern standards. When we moved in here, I got rid of soooooo much stuff, and I cannot tell you how great it still feels. Most people really only wear a few things over and over again. You don't need 75 t-shirts if you really only wear 5 regularly. Same thing with work clothes, I found even though I kept buying them, I didn't really wear most of them - so out they went. I also religiously follow the "one-in, one-out" method for mine and DH's clothes and shoes. It's harder for him to choose than me!)

When I had the master suite created in my DH's home up north, it was crowded for bedside tables too. So I got two wooden tall plant stands, with 12x12" tops. They fit perfectly fine. Then swing arm wall mounted lamps for each side of the bed. Enough room for a book on the shelf below and a glass of water or whatever. I never just use an end table when there is an option to have a small chest beside the table. That works even in a small room with limited storage space. Every item has to WORK to make the cut when space is scarce. And, in the bedroom in Alabama, I am going to be sorry to leave it for the BACK bedroom, which will become an ensuite master, because it is beginning to look SO comfortable. It is a west-facing bedroom, on the street. It has two PAIRS of windows, and the closet and entry to the bedroom are on a third wall. That leaves one wall which has no windows and no doors or other obstructions. However, I did not want the bed to be sideways in front of the entry door, so had to put the bed first diagonally in the corner between the two pairs of windows. This worked fine for a while, with the wicker chests I use for bedside tables centered between the windows. However, it was hard to make up the bed. So I decided to center the bed in front of the windows on the street wall. I closed the blinds to block the high heat coming through those windows anyway. And then I found some floor/ceiling grommet drapes at Tuesday Mornings! That is when I got DH to install crown molding wide enough to mount the double drapery rods, and I started planning 3 layers of curtains...grommet drapes wall to wall on both window walls, sheers on the second drapery rod, and finally the top-down roman shades using 90% shade cloth and Thermasuede fabric as a liner. I am almost done with the curtain project, but even with the shade cloth pinned in place on the west wall, the difference in heat gain is significant. This room is 12 x 12 give or take an inch. We changed out sliding closet doors for 2 pair of Jeldwen bifold shutter doors which I painted to match the crown molding and base boards and other wood work. The wicker chests are on either side of a full sized bed, with lots of breathing room. There is a rocking chair near the closet. There is a third chest between the closet and the door to the hall, and a wall mount TV is above the chest. So now I've ordered the Hudson queen size storage bed from Room and Board in cherry. It should arrive this month. I can hardly wait. It is a platform bed with no footboard, and no box springs, and it measures 60 x 80. A full bed is 54 x 75, so only a few significant inches of comfort which I look forward to having. But when the contractor finally comes, and bumps out the master bath for a tub and a long walk in closet, we'll be moving this new jewel to the back bedroom. This current bedroom will convert to a nice study/guest room. Only we seldom have over night guests, and may just put desks and bookcases in there until we move the contents of the up-north house. It seems to me that we have plenty of space in the 12 x 12 bedroom. Since we've repainted and made the room so peaceful, I will now take a horizontal break to meditate or read or chat on the phone. It looks good in natural or ambient light all times of day since northern exposures give true light, and the shade cloth gives a sense of separation from the street. Keeping active pursuits out of the bedroom is conducive to rest and separation from the cares of life.

We're adding a slightly larger master suite (20x26) that also includes reconfiguring the original space to create a hallway entrance next to an existing hall bath. Our architect configured the space so that the new master bath abuts the existing hall bath, presumably to minimize the plumbing work etc, as in the 2nd sketch by @er612. She also aligned the new master closet with the existing space which just helps as a sound buffer. The rest of the layout was decided based on views - optimal placement of windows, strategic placement of the bathroom door, having wall space for a TV if you want that.

I think you need to add some artwork, for interest and color. Look for one large piece to use over the dresser, or on that wall without the dresser. If you don't like your dresser but need the storage, paint it white or replace it with a white one. I would also replace your black lampshades with white ones and change your drapes to white to lighten up your space. Right now, the beige carpet, gray walls, brown dresser, and heavy black furniture make the room seem dull. You might also consider painting your walls a lighter, fresher color, which can still work with your black and white elements.