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Steve Noble

Senior Partner and Office Managing PartnerMinneapolis

Brings hands-on private equity experience to specialty retail, apparel, and footwear clients to identify and unlock new opportunities and build new capabilities across growth, operations, and tech and data enablement

Steve serves retail clients and consumer brands on a range of strategy and growth topics with a focus on helping them successfully navigate industry disruptions ranging from the power of data and digital engagement, to the continued evolution of physical retailing in an increasingly omnichannel world, to the increasing consumer focus on sustainability. At various points in his career, Steve has led McKinsey’s efforts on retail growth strategy, business transformation, and sustainability. He serves as the CFO for the global consumer sector and is part of the global sector leadership team

Examples of his recent client work include the following:

  • defining and mobilizing a multibillion-dollar growth strategy focused on next-generation customer experiences for a leading specialty retailer
  • rewiring the operating model for how technology and business teams collaborate to identify and deliver twice as much value in half the time at a leading global retailer
  • deploying advanced analytics to power a digital marketing transformation that led to enhanced customer engagement and loyalty at a leading big-box retailer
  • executing a cost-and-carbon sourcing transformation that delivered 500 bps of margin and double-digit reductions in emissions for a global apparel brand
  • developing strategy and investment plans to modernize a 1,000-store network, including format and location decisions, for a leading specialty retailer
  • executing M&A strategies, including strategic and financial diligence and post-merger integration, which have delivered $1 billion in synergies for a range of retail clients

Beyond his client work, Steve has played a variety of people leadership roles, including as faculty for training programs and chairing people review committees. He is a former board member of Catholic Charities of Minneapolis and St. Paul and currently serves on the advisory board of the Consulting Enterprise at the University of Minnesota’s Carlson School of Management.

Published work

Consumers are in fact buying sustainable goods: Highlights from new research,” McKinsey & Company, May 2023

Consumers care about sustainability—and back it up with their wallets,” McKinsey & Company, February 2023

The next normal in retail: Charting a path forward,” McKinsey & Company, July 2020

How retailers can ring the register in a recession,” McKinsey & Company, March 2020

The consumer sector in 2030: Trends and questions to consider,” McKinsey & Company, December 2015

How retailers can keep up with consumers,” McKinsey & Company, October 2013 

Past experience

Thayer Capital Partners
Associate

Education

Stanford Graduate School of Business
MBA

University of Notre Dame
BA