If the market was theoretical and all things were absolutely equal, yes, maybe, but that's not how things work in the real world.
For a good example, Walmart failed miserably in Germany because they failed to understand the local market in any way. You can have a successful regional chain of supermarkets without it needing to become Walmart-scale. Just being local, having a strong local presence and understanding of the market, and having local costs can be a massive advantage. A Bulgarian startup has economies of local labour costs that can trump the economies of scale of Google. Spotify are quite successful even if their competitors (Apple, Google, Amazon) are massive. Not to mention there are big market segments where economies of scale across markets simply do not apply. Legalstart, a startup doing "law services online" for small and medium enterprises in France cannot apply pretty much anything to any other country due to the different legal systems. If there was some massive behemoth in that space globally, Legalstart still wouldn't have an "economies of scale" disadvantage.
For a good example, Walmart failed miserably in Germany because they failed to understand the local market in any way. You can have a successful regional chain of supermarkets without it needing to become Walmart-scale. Just being local, having a strong local presence and understanding of the market, and having local costs can be a massive advantage. A Bulgarian startup has economies of local labour costs that can trump the economies of scale of Google. Spotify are quite successful even if their competitors (Apple, Google, Amazon) are massive. Not to mention there are big market segments where economies of scale across markets simply do not apply. Legalstart, a startup doing "law services online" for small and medium enterprises in France cannot apply pretty much anything to any other country due to the different legal systems. If there was some massive behemoth in that space globally, Legalstart still wouldn't have an "economies of scale" disadvantage.