I dont know so many people make those assumptions. If there is a more profitable buisness, why isnt it there already?
We're not discussing minimum wage here. If we were I'd point out that minimum wage should at a minimum be the amount where letting the store remain vacant is equally preferable. However to ensure alignment I consider it better to put it higher to the point where people earning minimum wage aren't a burden on society (I mean a store with as much value to society as a vacant one doesn't really deserve to exist, you're just shifting the problem there, don't ever let industry do that for you).
It was more of an addendum on the types of business that shouldnt exist, and business turnover in general. I agree that if a business cant make enough to attract talent, it makes sense that that it should fail (all other factors neglected).
I for one, do not see paying someone close to minimum wage in return for 40hr/wk of their time as 'supporting' workers. You want to really support workers? Pay them appropriately and provide them a good workplace.