Our 35 year-old restaurant is an upper class 4 star restaurant that has been fortunate enough to grow with our current customers. Unfortunately, our customers are now either retiring or dead. We are trying to remold the company so that it's not only viewed as a great restaurant for special occasions, but also for the generation of 40 somethings to enjoy dinner during the week, corporate parties, to stop by and have a martini in our outside bar.
The city you're in, the competition, the area economics, and all the unique characteristics of your restaurant need to be figured into this kind of advice. You might add a younger vibe by either updating the decor, adding a sleek lounge, having a VIP room, gently revamping the menu, or bringing in a hot new chef and working the media for coverage.