They made a mistake marketing their brand to a specific age demographic.
The flaw in that is, people grow up eventually. And just like Night Clubs, a spot that was popular with the youth of one generation is going to be the exact opposite for the youth of the following gen. They don't want to hang out at the same spots their parents hang out at, or rock the same clothes. (exception for rednecks, camo trucker hats & confederate flag t shirts will always be in style for them.)
nightclubs get around this by "closing" every 10 years and re-opening under a new name as a new brand.
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