The ad shows the actor starring as Buddy the Elf embarking on a trial day in the store in the run up to Christmas.
Original classic footage from the famous 2003 film was used for this advert, as opposed to Ferrell prancing around the shop himself.
Ferrell's character can be spotted renaming the self-checkout to the 'Elf Checkout', decorating the store with fairy lights, as well as stumbling into a Christmas tree. However despite these mishaps, Buddy the Elf manages to get the job.
The advert also ends with this tag line, "Have your Elf a Merry Christmas".
The video itself was also directed by multi-award-winning director Danny Kleinmann. Kleinmann has been responsible for every title sequence for each James Bond movie since 1995's Goldeneye, except for Quantam of Solace. Kleinmann has also directed music videos for Madonna, Adam Ant and Fleetwood Mac.
The advert premiered last night (November 4), and has been released online.
Check it out for yourselves below.
