Skip to main content
Back to

Steve Noble

Partner, Minneapolis
With a focus on driving broad-based performance transformation for retailers, brings hands-on private-equity experience to identify and unlock new opportunities in growth, operations, and cost performance across categories, channels, and geographies

About Steve

Steve is the leader of our Retail Strategy Practice in the Americas and co-leads our restructuring and transformation work globally. He helps retailers define and implement a wide range of growth, cost, and operational improvements, and works across retail categories and formats, from small-box specialty to big-box stores, and from grocery to specialty to apparel.

Much of Steve’s work helps retailers fundamentally transform their performance by effectively defining and implementing a broad set of initiatives.

Examples of his recent work include:

  • delivering transformation programs for several retailers to prioritize and sequence investments – optimizing sourcing and operational costs, implementing assortment and front-line tools, building new capabilities, and redefining core models
  • developing and executing mergers and acquisitions strategies and conducting strategic and financial diligence for several retailers
  • designing and implementing post-merger integration programs that have delivered over $1B in synergies and aligned operating models across combined companies
  • defining, prioritizing, and launching new growth programs to tap attractive profit pools through new channels, markets, categories and business models

Steve has published on a range of retail growth and strategy topics, including how to win within the changing consumer and retail landscape, international growth, multichannel retailing, and how retailers should think about mergers and acquisitions.

He is a board member of the Charities of St. Paul and Minneapolis, and an advisory board member to the University of Minnesota’s Carlson School of Management.

Before he joined McKinsey, Steve was a private-equity associate in Washington, DC. He was responsible for executing leveraged buyout transactions and working with management teams to find new sources of growth and value in their companies.

Published work

The Consumer Sector in 2030,” McKinsey & Company, December 2015

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

The next wave of M&A in US retail,” Retail/Apparel & Hospitality, November 2010

The promise of multichannel retailing,” McKinsey Quarterly, October 2009

Past experience

Thayer Capital Partners


Stanford Graduate School of Business

University of Notre Dame