For the first time in five years, it will not feature the "well worth it" endline. The slogan, along with the big "W" logo, has been ditched, to be replaced in three TV ads with the line: "Let's have some fun."
The changes are part of Woolworths' attempt to reposition itself as the retailer for children, celebrations and family occasions.
The campaign is designed to showcase the brand's Ladybird range of schoolwear and specifically its "three for two" promotional offer on "Back to School" products.
The first ad, "goalie", focuses on a football match. The young boy playing in goal is distracted by a pretty female classmate. While he is watching her, he inadvertently saves a goal with his back and, to his surprise, is congratulated by grateful team-mates.
The second ad, "Mr Wrong", shows the embarrassment of a young girl whose love letter is passed to the wrong boy. And the third ad, "come on you pinks", features the feet of a budding football genius, setting off on a dazzling run, which culminates in a stunning goal. The camera then reveals the goalscorer to be a girl.
The campaign breaks in Scotland first, and then England and Wales at the end of the month. It was art directed by Nick Kidney and written by Kevin Stark. ZenithOptimedia handled the media planning and buying.
The decision to switch endlines follows research in which the retailer tried to discover what the brand stood for in the eyes of its core customers.
It was concluded that Woolworths is seen as a creator of fun, be it through toys, CDs or Halloween party costumes.
Woolworths subsequently decided that "well worth it" was too much of a value-related endline, and that "let's have some fun" better reflected the emotional importance of its new positioning.
Gwyn Jones, the managing director of BBH, said: "We believe that great retail advertising can sell product and reposition a brand simultaneously. In fact, attempting one without the other is flawed. There is more to come but these ads set the tone and style for a great brand that is uniquely positioned to build itself, both commercially and emotionally, around fun."
Mark Trinder, Woolworths' head of brand communications, added: "'Back to school' is a key trading opportunity for us, and this campaign will promote great products and offers from our Ladybird schoolwear and use fun to exploit the warmth of the brand's relationship with the audience."
When BBH landed the Woolworths account, it brought to an end a 17-year relationship between the retailer and the agency Bates.
The company's previous campaign, which featured Paul Kaye, led to controversy when the comedian publicly described himself as a c**t for agreeing to do the ads.