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1.
the cheapest version of products found in tesco stores

tescos own brand products

ridiculously cheap prices but the quality of the product is usually sh*t
guy 1: wtf is wrong with these batteries... i took one photo then they ran out
guy 2: tesco value batteries?
guy 1: yup

girl 1: omg this shower gel stinks, what is it?!
girl 2: tesco value duh

bill: woah check it out you can get baked beans for 9p!
bob: yeah bill, they're tesco value, they suck
by dontstartaband June 29, 2006
 
2.
adjective. Something very cheap, but still of eatable, usable quality. not just used for produce of tesco, but also for services. for example, a tesco value film would have bad special effects but would still be alright
-mmm tesco value chicken soup

- yeah, it goes well with The tesco value film, THe invisible man
by wonderfool April 02, 2004