It's summer so bottles of bubbles and packs of sidewalk chalk. (Go ahead and get the sort that let kids just squeeze to pop up a wand, they actually suck, but will probably make the other parents happier.)
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Whatever you do, wrap up at least one item in each bag to be a little present.
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Another summer thing that DD's been asking for for awhile is sunglasses. (She's got 2 pairs from when I was a kid, but still asks about them every time we see some in a store.)
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Oooo, and I think I might've seen hand fans (the sort with pretty pictures painted on them) at Target. They won't survive long, but they are crazy-good dress-up toys.