The Christmas spirit has come to the Keaton house, where the family is busy baking Christmas cookies when Skippy stops by to ask a favor. He wants Alex to pinch-hit for him as Santa at the mall, and Alex agrees after hearing about the excellent hourly wage.

With Mallory and Jennifer along as his wall-paid elves, ""Santa"" Alex dispenses stock tips and financial advice to long lines of children. Besieged by kids with elaborate Christmas lists, Alex is surprised when he's approached by a sad-looking little girl who insists she doesn't want anything for Christmas and doesn't believe in Santa Claus. Her mother explains that seven-year-old Michelle is very depressed that her father, a traveling salesman who is struggling to make a living, won't be home for the holiday.