When you say something like "75th and Columbus" this usually means that whatever you're talking about is close to or at the corner of "75th and Columbus". In the case of "Razzle Dazzle Supermarket on 75th and Columbus" there is no need to be too specific about the address, once a person arrives at the corner of 75th and Columbus they'll see the Razzle Dazzle Supermarket (at least that's what this form of giving an address implies). For obvious things, like your example, you could give the address this way. Although it isn't very specific, it doesn't need to be You could also use it as part of directions to a place "Once you reach 75th and Columbus, look for the Razzle Dazzle Supermarket and turn into that street". This doesn't work if there are two Razzle Dazzle Supermarkets which are clearly visible from that corner. Hope it helps

That is American terminology, so I will leave it to an expert to answer. However, It sounds correct to me.