The strapline of the new campaign is The Co-operative can offer "a great deal locally".
The value campaign is backed by some heavyweight promotions, including many "Better Than Half Price" deals, as well as Half Price and Buy One Get One Free offers.
As well as national TV advertising, featuring the voice of actor John Hannah, The Co-operative has doubled its usual press activity to reinforce the value message and demonstrate to customers the strength and breadth of offers available on their doorsteps.
The TV ad features deals such as two-for-£5 offers on a selection of meat and poultry, including its own higher-welfare Elmwood chicken, and cut-price promotions on a range of products to make an Indian meal for a fiver.
Tim Hurrell, managing director, food, The Co-operative Group, said: "As the UK's largest convenience retailer, The Co-operative can provide customers with all they need locally, without them having to go to the expense of driving out of town.
"We feel that the trend for more people to eat in, rather than going to the expense of eating out, will continue, with people either trading up by buying premium products in The Co-operative Truly Irresistible range, or preparing their own healthy, good value meals using products from across our high-quality standard and value ranges."