Bouquet arranged around paper shop (8)
I believe the answer is:
boutique
'shop' is the definition.
(boutique is a kind of shop)
'bouquet arranged around paper' is the wordplay.
'arranged' indicates anagramming the letters.
'around' is an insertion indicator.
'paper' becomes 'i' (UK newspaper).
'bouquet' with letters rearranged gives 'boutque'.
'boutque' going around 'i' is 'BOUTIQUE'.
(Other definitions for boutique that I've seen before include "Upmarket shop" , "Fashionable clothes store" , "Small, expensive shop" , "Trendy shop" , "Small specialist shop" .)