Loose goods stored in alcove (5)
I believe the answer is:
baggy
'loose' is the definition.
(I've seen this in another clue)
'goods stored in alcove' is the wordplay.
'goods' becomes 'gg' (g is abbreviation for good - twice).
'stored in' indicates putting letters inside.
'alcove' becomes 'bay' (synonyms).
'gg' put into 'bay' is 'BAGGY'.
(Other definitions for baggy that I've seen before include "Bulging" , "(Of clothes) loose and hanging" , "Falling in loose folds" .)