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Retool (Verb)

Revise or reorganize, especially for the purpose of updating and improving; "We must retool the town's economy".

Verbs of political and social activities and events.

In order to remain competitive in the market, the company decided to retool its entire manufacturing process.
The government will retool the education system to focus more on STEM subjects.
As the demand for its products decreased, the company had to retool its business model to stay afloat.
With the rise of online shopping, retailers must retool their marketing strategies to reach online customers.
The city council plans to retool the public transportation system to make it more efficient and environmentally friendly.

Provide (a workshop or factory) with new tools.

Verbs of buying, selling, owning.

The company invested heavily to retool their factory with the latest robotic manufacturing equipment.
After the fire, they had to retool the entire workshop to replace all the damaged machinery.
The automotive manufacturer decided to retool their assembly line to accommodate the new electric vehicle model.
As demand for electric cars increased, the company retooled several of their plants to keep up with production needs.
The company retooled their research and development facility with state-of-the-art testing equipment to improve their competitiveness.