You are not considering the "Wal-Mart Effect." In our complex we have at least 5 businesses operating around Wal-Mart only started when Wal-Mart opened in the area. Additionally there are separate businesses inside of Wal-Mart. I agree wages are trending down but that is because we now live in a global world. Asians are better educated, more hard working and come from intact families. They will rule the 21st century. Maybe Wal-Mart can sell them something.
I do consider the Welfare Mart effect. Macro-economics tell us that supply meets demand and vice versa. Stores flock to the proximity of a Welfare Mart to increase their revenue stream. This drains business from elsewhere.
So, consider yourself, "lucky," to own a business near a Welfare Mart in that your foot traffic will increase. However, the quality of customer will decrease commensurately.
Remember the rednecks fighting over $2.00 waffle irons and killing each other. Ask yourself if this is the kind of clientele you wish to attract.