Walmart only makes less than $7k per employee. They have 2.2million employees. Regardless of the common narrative - they simply can't afford to raise all of their employees wages by any meaningful amount with their current profits.
And why would anyone treat an established retailer like a high-growth company? That makes no sense.
You can see cap ex on their cash flow statement and create all sorts of hypothetical profit margins for them. Walmart can't actually take a hit like that because their monopoly power isn't strong enough. Their game is low prices. If they grow slower, they'll start losing market share to the dollar stores, Target, etc. If they raise their prices, the same thing happens. It's different when labor is in short supply or you want more skilled labor. Starbucks pays more and hires somewhat overqualified baristas because they see value in it and offering a premium experience.