It's an interesting problem. The price point issues compared to Uniqlo, Zara, H&M isn't relevant IMO because RL is a luxury brand, those others aren't. You don't expect to pay Gucci, YSL, Prada prices for American Eagle, H&M products. RL is more expensive but it's better quality merchandise. One advantage that those smaller brands I listed have is that they have a shorter turnaround in the production of their goods that allows them to be more "on trend" with the latest style than a bigger corporation like RL has.
With that said, RL does need to do more to update its look so that it can appeal to Millennials, the quality of the brand is still great but it is boring. It needs bolder, more exciting collections and color storys...id also advise them to pull back on where RL is sold because like many of y'all said you can find it anywhere, MK had to do this same thing