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I don't see the Wal-Mart effect - and I haven't seen it in my entire lifetime. I think it's a myth. What I have seen happen to small cities and towns is that they "died" a very long time before Wal-Mart. They "died" as a result of suburbanization and mall-ification. These happened long before Wal-Mart, et. al. appeared on the scene.
IMO, what these mega-stores do mostly is employ citizens, add quite a lot to the local tax base, and extend product and service availability.
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