Abstract: A modular compact storage assembly includes storage cabinets containing a number of storage panels each equipped with means for supporting a number of articles therein. The storage panel assemblies are hung from tracks and guided at the bottom so as to permit them to be moved between stored and withdrawn positions. In the withdrawn position, the storage panels may be substantially entirely outside of their associated cabinet while a portion protrudes into the cabinet to inhibit the panel from swaying laterally under such circumstances. According to another embodiment, a pair of storage cabinets employs a common grouping of tracks which are shared by pairs of storage panel assemblies taken respectively from both cabinets. According to a further embodiment, the storage panel assemblies can be movable from a stored to a withdrawn position from either the front or the back of the cabinet.