Tallinn's Christmas Market has been organized for many years by the private limited company 5+ Capital, a business registered to an apartment on Õismäe tee and owned by Igor Semjonov, an individual largely unknown to the public.

The market's offerings have also remained fairly consistent over the years: alongside traditional Christmas fare like blood sausages, sweets and mulled wine, stalls feature amber jewelry, souvenirs, fur hats and plush toys. The signage and overall aesthetic, with its occasional kitschy elements, often resemble a souvenir shop.

ERR asked Sander Andla, head of Tallinn City Center, whether the city is satisfied with the Christmas Market and if there are plans to modernize or update its concept in the future.

Andla explained that organizing the market is the responsibility and risk of the company running it, meaning the market inevitably features a wide variety of goods.

"On the one hand, it's dictated by simple market logic: the event must be organized in a way that attracts visitors. If people decide they're not interested, the company won't profit," Andla explained.

According to Andla, after this year's Christmas Market concludes, the city government plans to discuss the experience with the organizing company. Since the tender won by 5+ Capital last year was for three years, the same company will also manage the market in 2025. Therefore, significant changes to the market are unlikely next year.

"We will certainly review this year's experience, assess visitor turnout, discuss what went well and what could be improved and provide feedback. The goal is always to do better," Andla said.

When asked how one company has managed to win the tender for organizing the Christmas Market for so many years, Andla could not provide a clear answer.

"That's a good question," he admitted. "In the 2023 tender, the lowest-cost bidder was chosen – essentially, the company offering [the city] the highest rental fee won. How they've managed to offer such a rental price, I don't know. However, I would like to see more competition, as the competition has not been particularly strong in the past."

Andla noted that the future provides food for thought, as he would certainly like to see greater competition in the bidding process for organizing the Christmas Market. He also stressed that the market's concept should be considered well in advance. However, feedback will play a key role in shaping plans, and for now, it's clear that the market continues to attract a significant number of visitors.

5+ Capital OÜ began operations in April 2009, initially reporting its business activity as leasing urban infrastructure in its first annual report.

Last year, the company reported a turnover of nearly €769,000, with a profit exceeding €269,000. According to its financial report, the company had no employees and paid no salaries. For this year, 5+ Capital plans to continue its current operations.

In 2022, the company's turnover was approximately €423,000, with a profit of €89,000. Again, it reported having no employees, resulting in no payroll expenses.

In 2020 and 2021, the Christmas Market's operations were impacted by the COVID-19 pandemic, which led to financial losses for 5+ Capital. The company cited the pandemic as the main reason for disruptions to business and economic activity during those years. The largest loss was in 2020, amounting to €290,000.

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