Updating Outdated Review Site - Best Practice?

I have a couple of review sites that back in 2013 were the bees knees but unfortunately I didn't have the time to keep on top of them.
As a result the number of uniques I received has dropped from 500+ a day down to less than 100.

I would like to cleanse the site and update all the reviews but I am unsure how exactly to do it.

Currently the URL structure is like http://ift.tt/1WLmy7k

Should I delete the old content and replace it with new content or should I add a directory such...

Updating Outdated Review Site - Best Practice?

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