The market sees an opportunity for growth at a time when the shopping center and retail industries are both deeply challenged. The two companies have opposite styles, although their centers overlap in some areas. Taubman has more uniformly upscale properties, while Simon operates malls, Mills and Premium Outlets and has owned or had interest in 233 locations in North America, Asia and Europe. Simon Properties has the muscle and financial wherewithal to invest in shopping centers, and has been diversifying its portfolio with partnerships, such as a recently revealed hookup for coworking space. Taubman has the fashion imprint.

Simon Property’s net income fell 13 percent from a year earlier to $2.1 billion in 2019, according to its fourth-quarter report Tuesday. Revenue rose 3.5 percent to $5.8 billion in the same time period.

Taubman Centers, based in Bloomfield Hills, Mich., operates 26 regional and outlet shopping centers in the U.S. and Asia. The company on Feb. 12 is scheduled to report earnings.