Abstract: A magnetic storage device and a method of assembling the device are disclosed. The magnetic storage device includes a tray, a base and a magnetic member. The tray has a lower surface with a hollow area, and an upper surface. The upper surface has an upwardly extending member with a plurality of cavities formed therein. Each cavity is configured to enable one of a plurality of products to be at least partially retained therein. The base is designed to engage with the tray to completely enclose the hollow area. The magnetic member is sized and configured to be positioned within the hollow area. The magnetic member is capable of exerting a magnetic attraction to temporarily retain the plurality of products in the cavities and exerts a magnetic attraction through the base to releasably attach the magnetic storage device to a magnetically attractive surface.