Sir Philip Green threw down the gauntlet to his high street rivals yesterday by vowing that Topshop and Topman would have a “record year” despite the toughest trading climate he can remember.

In a trademark bravura performance, the billionaire added that, unlike others in the retail sector, he still had access to money for any potential acquisitions – “I could ring up the bank and get a cheque over tonight” – and that India would be the next staging post in his overseas expansion plans.

In an interview with The Times at the World Retail Conference in Barcelona, he said: “I’ve got three people in India that want to sign up with us. This is the position. We’ll be sending a team over later this month.”

He refused to be drawn on whether he agreed with Sir Stuart Rose, the Marks & Spencer chief executive at the centre of a dispute over his future role, who believes the downturn could last until 2010. Sir Philip said: “I didn’t know he was a clairvoyant. Perhaps they should call him clairvoyant, chief executive and chairman.”

Sir Philip, in Barcelona to be inducted into the World Retail Hall of Fame, said no one should be surprised about the slowdown on the high street given the stark contrast with a year ago, when retailers were registering like-for-like sales growth of up to 20 per cent in an April heatwave.

He said those likely to emerge stronger would be the ones who focused on having good store environments, fresh products and “newness”, as well as low prices. “It’s not going to be just about price, it’s going to be about ‘price and nice’,” he said.

“It is tough. The market is probably as tough as I’ve seen it, very challenging. But I’ve been very consistent for three to four months. No one wants to listen. I said April and May were going to be difficult. April was so good last year, everyone was in double-digit like-for-likes. Everything was perfect.

“We had planned for April to be down; it’s not a shock. Then we have had other knock-on things – when you open the door and see snow you are not going to go out and shop for summer. “ I do not think that there is anybody selling nonfood. No one is getting missed, everybody is feeling it. You just have to manage your business.”

While refusing to be drawn on sales figures for his privately held empire, Sir Philip said Bhs, the department store chain, had suffered a “horrible” three to four weeks along with the majority of the sector, but added that the fashion chains in Arcadia – Topshop, Topman and Miss Selfridge – were “fine”.

He said: “I’ll stick my neck out in your paper and say Topshop and Topman will have record years. What’s a record? Better than last year.”

Topshop generates profits of more than £100 million a year, which is nearly a third of the £293 million underlying operating profit generated across Arcadia in 2007.

Topshop will be at the heart of Sir Philip’s overseas expansion plans. His first Topshop in the US is due to open on October 10 in New York.

The billionaire has already targeted China and Hong Kong and a flagship in India will follow once a partner is selected.

Sir Philip played down the significance of the New York opening, but said it would help to build the Topshop brand. He added that it was impossible to ignore emerging markets, such as China and India.

“We have to go into these territories. Do I think it’s going to be huge in the short-term? No, but do I think it’s important to have a flag in the ground? Yes. These are five-to-ten-year growth projects.”

Despite signalling the necessary financial muscle for any deals, Sir Philip hinted that there was nothing in the immediate pipeline. “I never know what I might buy, or not buy.”

He added: “M&S? Not this week.”

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