I don't believe this to be the case here. Five years is a long time for a bar on campus to not be open. Virtually an eternity when looked at from that POV. You lost an entire class of customers. It has no reputation to build on with newer students.
As
syrBossHogg mentioned, ride sharing has to be a big factor here. When I was in school, if you didn't have a car, you weren't going anywhere. Uber/Lyft has changed the game for Marshall Street. Armory Square is a few dollars away and offers more variety from a drinking and dining experience.