When WM came to a small town I used to live in, there was a lot of worry. Yes, some really inefficient retailers went out of business, and other ones had to change their marketing plans, to avoid going head-to-head with them, but overall, the town is better off. A goodly number of businesses sprung up around them, and those places are providing jobs and choices for locals.
I am surprised to hear about this being in the greater Chicago area, I'm familiar with WM locating out in boondocks areas, where isn't too much competition to have to knock off.