Unconvinced. Europe simultaneously exists and does not exist, depending on whether one uses the term pejoratively or not, which makes it impossible to subject anything in it to criticism. It's like a Schrodinger continent.
If that was true I wouldn't see the same store chains in every city. There are some really minor differences, but mostly you see the same basically wherever you go in USA, in Europe most stores are different when you cross a border.
There’s also almost no risk-capital, because there is mo single addressable large market.