Yes, it is common to have a bath measuring 5' X 7'. Usually comming from the back wall, there is the tub, water closet (commode) and the lavatory (sink). Each fixture should have 30" of space; obviously yours doesn't. To make more space you could move the commode center to 12" from the tub (as compared with the normal 15"), and use a pedistal or wall hung sink which doesn't claim its full 30" but has open space under it.
A surface mount medicine cabinet with a tri-fold mirror over the sink and a wall cabinet from the tub space to the open door will add a lot of extra storage space. I also have a chrome pole on the back corner of the tub (from Wal-Mart) that has 4 adjustable corner shelves on it for bath soaps and shampoo.