Foldable bag with retaining straps

A foldable bag comprising a compartment for holding articles including first and second opposing body panels constructed of a foldable material and connected to each other along a pair of sides and a bottom bridging the pair of sides to define an open mouth formed opposite the bottom. The sides and the bottom of the compartment are foldable to collapse the compartment, and the compartment is maintained in the collapsed configuration in a variety of ways. In one embodiment, fastening straps can be provided proximate the mouth and extend outward beyond the sides to releasably engage fastening members on the first panel proximate the bottom. Alternatively, a reclosable flap member can be coupled to a panel and include a strap defining a retention loop, wherein the compartment is maintained in the collapsed configuration when the sides are disposed within the retention loop. Alternatively, a strap can be coupled to the compartment proximate the bottom to define a retention loop, and a carrying handle can be coupled proximate to the mouth wherein the compartment is maintained in the collapsed configuration when the carrying handle is advanced through the retention loop.