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.

As Christmas draws near, Alex becomes more and more concerned with Michelle's situation. After inviting the girl and her mother to join the Keations for some Christmas Eve cheer, Alex gets an unexpected visit from a kindly whi