Binco is not based on any specific real-life store, though it may be either a thrift store or clothing exchange store like Plato's Closet. This could possibly explain the signs in the store which read "Everything 99¢", however nothing the player can buy is 99¢.
The store's motto is, fittingly, More trash for less cash!.
The default clothing for GTA San Andreas protagonist Carl Johnson is entirely derived from Binco's range of items, including the White Tank (Torso), Blue Jeans (Legs) and Black Low-Tops (Shoes).
In Grand Theft Auto IV, the Russian clothing shop is implied to be initially designed as a Binco outlet during development but was changed for unknown reasons. If Niko walks into Modo wearing certain outfits from other stores/sources, the sales assistant will ask if he has been in "a Binco explosion".