Thing is how do YOU know what Nintendo's wholesale price is? You're passing this off as fact without providing any information as to how you even would know this.
You can look at the prices of games all around Europe, that's usually more than telling what the wholesale price is. In fact, the European videogame market is pretty competitive, margins aren't that high when videogames are your core business and you are forced to sell your copies.
I assume that you don't live here. All retailers adding a Zelda tax is absolutely ridiculous though, our market does not have an oligarchal structure and as soon as one retailer starts to drop the price, the other major players follow. As a big Wii U fan, you could have observed this with Pikmin 3 and the Wii U system itself. When one retailer dropped the price of Pikmin 3 down to 40, many others followed.
If you want me to tell you where I work, I'm not gonna do that. But well, you can guess that I do work at a European retailer which also happens to sell videogames (not as a core business).