Frank Monte is a member of Brands Gone Wild's leadership team, holding the position of Head Buyer for the family discount store that is based in Toronto. Brands Gone Wild has established itself as a provider of affordable fashion, home hardware, food, and everyday essentials, keeping pace with ever-changing trends.
With a degree in industrial relations and accounting from the University of Toronto, Frank Monte brings a wealth of knowledge to his current role. Tasked with overseeing inventory procurement aligned with customer preferences, he plays a role in driving the company's continued growth and service to its customers.
Recognized for its good shopping experience, Brands Gone Wild adopts a unique approach centered around event-based sales, offering customers savings. At the heart of this approach lies "opportunity buying," where Frank Monte and his team source and secure desirable deals and purchases, catering to the specific wants of their customer base.
As the Head Buyer, Frank Monte assumes a position in crafting and executing the company's product procurement strategy. He is proficient at identifying industry trends, nurturing supplier relationships, managing inventory and sales, and leading his team. Frank's experience and adept leadership have been paramount in steering Brands Gone Wild toward success for nearly three decades.
As a retail inventory manager, describe your day-to-day role.
FRANK MONTE: Being an inventory manager really includes responsibilities such as monitoring inventory levels, conducting regular stock counts, ensuring accurate record keeping, and overall just making sure that Brands Gone Wild has a consistent flow of stock versus sales. I essentially keep the cogs in this machine rolling to ensure our customers always have access to the items they want while minimizing waste and losses.
How do you track and manage inventory levels in the store/warehouse?
FRANK MONTE: “We use barcode scanning systems and inventory management software to track and manage inventory in the store. This is a pretty typical process for people working in retail management.”
How do you handle inventory restocking and ordering processes?
FRANK MONTE: “When it comes to restocking and ordering, it’s very important to analyze sales trends and compare them with historical data to determine what’s worth restocking and when to introduce new inventory. You also have to consider lead times from suppliers. There are a lot of considerations so being mathematically-minded is very important. Luckily, I have that base covered.”
How do you deal with discrepancies or discrepancies between physical inventory counts and data?
FRANK MONTE: “Discrepancies between physical counts and recorded data are typically investigated by a comprehensive recount followed by verifying any documentation. We cross reference everything in pain-staking detail to make sure that we account for any discrepancies.”
What strategies do you employ to minimize stock outs while avoiding overstock?
FRANK MONTE: “To avoid stockouts, we always set reorder point levels – this step is very important. We measure the estimated levels for reorders based on sales history. When it comes to overstock situations, however, I carefully review sales forecasts and adjust order quantities accordingly.”
How do you manage perishable or time-sensitive inventory items to minimize losses?
FRANK MONTE: “Perishable items are generally monitored very closely with the help of expiration date tracking and following the first-in-first-out (FIFO) method to help us to reduce waste.”
How do you analyze sales data and historical trends to make better-informed decisions?
FRANK MONTE: “At Brands Gone Wild, we have regular meetings and communications with the purchasing merchandising teams to help us align our current inventory needs with upcoming promotions and product launches. This helps us to ensure our inventory levels are flowing in tandem with what’s going on on the inventory floor.”