It is no surprise that Sir Philip wants to keep a close eye on Topshop’s developments in the US, which has proved a perennial graveyard for the hopes of British retailers. Differing tastes, heavy competition from local players such as Wal-Mart, a culture for bargain-hunting and even the comparative timing of the seasons have combined to make America a real test for retail adventurers.

The availability of retail space makes it easy to expand, but relatively low margins mean that there is little room for error.

Famous disasters over the Atlantic include Dixons’s acquisition of Silo in 1987. It led to write-offs of more than £200 million when the electricla retailer was hit by recession and Dixon’s was forced to withdraw.

Laura Ashley’s over-ambitious expansion plans in America were disastrous, leading to three profit warnings in a year. The Body Shop also nearly collapsed after leaping too quickly into the US market.

It took years for HMV to extract itself from some far too expensive and ambitious stores, while WH Smith was forced to sell its American airport and hotel stores in the retail meltdown after the 9/11 terrorist attacks of 2001.

Even big hitters such as Marks & Spencer and J Sainsbury have not escaped embarrassment in the US.

M&S lost two thirds of its investment when it sold the fashion chain Brooks Brothers for £160 million in 2001 after more than 18 years. The high street giant also sold its King’s supermarket chain to concentrate on its core UK business.

J Sainsbury sold Shaw’s, its American arm, in 2004 after failing to turn the regional operator into a business that could take on Wal-Mart. More recently an elite group of fashion retailers have ventured back into America with some signs of success.

Ted Baker has been making steady headway in the past few years, while Karen Millen is also expanding in New York.

French Connection was doing extremely well in America until the launch of its FCUK scent with a raunchy advertising campaign attracted criticism.

Next month Tesco, the UK’s biggest retailer and most successful firm overseas, will test its mettle in America.

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