Panel chasing trophy cabinet (8)
I believe the answer is:
cupboard
'cabinet' is the definition.
(I've seen this before)
'panel chasing trophy' is the wordplay.
'panel' becomes 'board' ('board' can be a synonym of 'panel').
'chasing' means one lot of letters go next to another.
'trophy' becomes 'cup' (cup is a kind of trophy).
'board' put after 'cup' is 'CUPBOARD'.
(Other definitions for cupboard that I've seen before include "Piece of furniture in which things are stored" , "Locker" , "Storage unit" , "Store for crockery etc" , "Furniture for storing provisions etc." .)