Should you keep a nostalgic element?
Yes, if that detail is what they use to meet and it still matches the bar: a colour, a name, a sign. An old drawing is not kept only out of nostalgia if it no longer says what you serve.
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Ask three regulars what they would still recognise if you changed everything else. The only trait the neighbourhood named is thrown out and the venue looks new in the wrong way. You get the new mark with that single element inside, and the rest brought up to date.