You’ve missed mentioning another effect on the area: siphoning cash out. No matter how big their local profit is, the only money reliably returned to the local

You’ve missed mentioning another effect on the area: siphoning cash out. No matter how big their local profit is, the only money reliably returned to the local area is a portion of those minimum-wage incomes. And of those, a not-insignificant amount comes right back in to Walmart as the employees shop for basics. The rest of the money gets pulled out for corporate capital expenditures never to be seen by the local area again. Walmart basically runs like a giant cash-vacuum.