One way to view Wal-Mart’s impartiality is that it contradicts capitalist principles. Capitalism is neither emotional nor ideological; it is opportunistic. Not directly supporting a minimum wage hike is a lost opportunity and a bad business decision that can compromise the financial interests of the company if you look at its target market. A significant segment, 40%, of Wal-Mart’s customers make less than $35,000 a year, which suggests that its fortunes are tied to the same low-income segment who receive at or close to minimum wage.
The less those customers earn, the less they have to spend, as analysts saw when Wal-Mart reported disappointing earnings for the fourth quarter of 2013. Profits fell 21%, at least partly due to a decline in government benefits like food stamps. Since wages have a similar impact, Wal-Mart is effectively giving up more sales by not directly supporting a minimum wage increase.