Here's my take on "Modernizing."
Take something perfectly useful and hasn't changed much, but is Iconic.
Completely change how it looks and feels, just because it hasnt changed much over time.
Market the shit out of it, leveraging the iconic status of the original.
A good example of this is the aptly named "Modern" UI in windows 8.
Another is basically every "Babies!" and "Edgy TEENS!" version of every popular cultural classic show out there.
Likewise with every "Modernized!" version of cultural literature classics, like works of Shakespeare. (Hey, let's do a Romeo and Juliette, but with THE INTERNET and stuff!--- etc.) It CEASES being "Romeo and Juliette", and becomes "Modern lovers have parents that just dont understand-- but with a classic title!" because of this.
Romeo and Juliette has been the victim of countless also-ran "modernizations" that are simply not memorable, because the core components of the story that make it compelling and profound have been outmoded in modern settings.
Take the whole apothecary scene. Romeo buys an actual poison from the apothecary, and laments about how a man will be willing to sell something like that. The best analogue you are going to get in a "modern" retelling would be a drug dealer, but a drug dealer is NOT what the apothecary WAS at the time the work was made. The REAL analogue is your pharmicist/compounder/chemist down the street. THAT is what made the scene compelling! It was PERFECTLY LEGAL to buy deadly poisons, hence the lament! The "Modern" version? Falls flat on its face when it tries to modernize the scene as a consequence.