Small retailers with relatively high costs due to low volume and generalized merchandise had been going to the wall long before Walmart became a player.
J. C. Penny, Sears, Hudson's Bay, Montgomery Ward, Eatons (the last two now deceased), etc., started the trend in the 19th c.
The like of Target, Home Depot, Staples and internet-order companies like Amazon, Adorama, LLBean, Cabelas and many others, have continued the trend. I think many now confine most shoppng trips to the supermart and drugmart; most everything else may be ordered to the door by means of the net and computer.

Globalization and free trade are inevitable; some businesses, large or small, evolve and prosper, some cannot.