Project Management Central
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Keith Novak
Tukwila, Wa, USA
You need to determine how long you need to store the data. Some might be 7 years. Some might require retention for the life of a product which can be 50 years or more. That can make a big difference in your options.
Storing the information might be handled by an external data center. It's like storing your information in the cloud. Accessing the data itself from a remote server farm might require a compatible tool. In most cases, you're probably dealing with documents that can be accessed with either Office or at least a .pdf conversion. In one case, we still have a Win 95 machine patched together with ebay spare parts due to the software used at the time. 
Sometimes you have to go back to paper records. Storing data is not so much the challenge as filing cabinets are still available and, as Keith suggest, you can keep some old computer equipment for that purpose. However accessing may be the challenge and you may have to create a bridge between old data and new processors if the 'old' data is required for the new processes. This bridge can be data entry personnel or specialty/custom programs developed for that specific purpose. I don't know of a shelf item that may be available.
Abolfazl Yousefi Darestani
Manager, Quality and Continuous Improvement| Hörmann-TNR Industrial Doors
Newmarket, Ontario, Canada
I agree with Keith. Peter made a valid point as well.
Sara -
As the others have said, you can use the export capabilities of the old tool to pull out critical content on historical projects in a non-corruptible format. The bigger challenge is with in-flight projects. For those, you might need to resort to export/import methods (CSV, Excel, MPP) to transfer over financials, schedule data and so on. Kiron 
After using export functionality of the Project Management tool, you can decide in which form you will store it. If the enterprise has hardware capabilities, you can keep it in your own data center. Otherwise, you can use a cloud-based solution or contract the services of an external data center.
Have you considered approaching the supplier of your project management tool? Often, you can hire people from the supplier to perform the data conversion for you.
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