Place To Put Something
置く is to put down something. So a location where you put something down is a place to put something.
置き場 often follows another word, signifying it's the designated area where that specific item should be stored or parked. For example, 自転車置き場.
The reading is the readings of 置く and 場 put together.
I parked my bike at the bicycle parking area at Kawasaki Station.
I was having a bit of trouble because there was no place to put this down.
We have a place for the towels under the sink, so help yourself after your shower.