I don’t know the exact location of this Owl Rexall drugstore in Redondo Beach, but when they opened in June of 1950, we can see they switched on ALL the lights. In real life, it probably didn’t look quite this bright (due to the camera’s slow aperture needed for a night shot) but I’d imagine that all the locals were very aware a new Owl was in town.
Owl Rexall drugstore opens in Redondo Beach, Los Angeles, June 1950
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This might be the Owl Drug at the Triangle Shopping Center. See http://blogs.dailybreeze.com/history/2016/10/22/triangle-shopping-center-occupied-its-own-corner-of-redondo-beach-history/ . The aerial photo can be enlarged and you can make out the owl atop the blade and the mailbox in front of the store.
Good detective work, Keith. I think you’re right!
In the undated colorized aerial postcard at the linked blog, that stretch of beach at the end is IIRC where they filmed the scenes for Lifeguard in the ‘70’s with Sam Elliot starring. That lost resort area was up on the bluffs above the pathways to the sand.