A word that is not formal, though it exists in the dictionary. The dictionary definition is for a small store, that sells dairy and alcohol in poor suburbs. It is used in daily conversation as a replacement for thing (coisa). So it can be used to designate anything.
Even though it has a similar meaning to “thing”, it has a more pejorative aspect. You wouldn’t use it for a nice car, or nice clothes, but you would use it for a horrible car, some gadget that doesn’t appear to be useful, or even an ugly building.