My Lidl Entrepeneur: Capitalism is Magic.
The EURO-conversion was used by retailers to raise prices. Aldi, however, reacted with the biggest price reduction of its corporate history. As a result, it was able to double its profits.
Paragraph edited for clarity - the original is on page 17.
Imagine that - taking market share by improving service and prices.
EDIT: Mind you, some of Walmart’s failure is absolutely because the government has put bars on the free maket that made it illegal for them to succeed:
With organic growth close to being a mission impossible for hypermarket operators due to stringent* planning and zoning regulations
Soon faced with rapidly mounting losses, Wal-Mart’s management resorted to staff cuts and closures to reduce its above-average personnel costs. Due to strict worker protection regulations, however, making surplus workers redundant can be a complicated, lengthy and costly affair in Germany – a cumbersome fact of life for its German competitors, but, obviously, terra incognita for Wal-Mart Germany’s (mostly) American executives
* Stringent is explained elsewhere in the text and it is, indeed, stringent.