Harbour Barbers has set up at 1 New Road, in the shop once run by Jack Williams, a "grand man" affectionately known by the fishermen as 'Mixtures'.
New owner Donald Gregor, a hairdresser with more than 30 years' experience, said he is delighted to carry on an ancient tradition.
"The villagers have told me this shop was a busy place in the pre-war years and I'm looking forward to offering the same services," he said.
Eric Richards from Penzance has fond memories of Mixtures.
"My grandfather, being a devout primitive Methodist and fisherman, would shave himself on a Wednesday and walk around with bits of newspaper attached to his face to stem the blood.
"But of course on a Saturday morning he would go to Mixtures and get a perfect clean shave for Chapel on Sunday.
"Mixtures was a grand man and I remember him well," he said.
Douglas Williams MBE, a long-serving Cornishman journalist, also has fond memories of having his hair cut by Mixtures as a little boy.
"In those days you didn't book, you just sat and waited your turn. Sometimes it was all morning."
Mr Gregor, a father-of-three, previously ran a barber shop in Devon and taught hairdressing at Plymouth College and worked at Vidal Sassoon in London.
The Devon-born father-of-three, who spent many years living in St Ives, now lives at Penberth.
He is training to become a hairdressing assessor and his wife Naomi is training at Penwith College to be a hairdresser.
"The villagers have been extremely welcoming," he said.
"People are popping in all the time and saying they're happy that we're here."
article copyright THE CORNISHMAN