Analysts say Chico's "Soma" lingerie and sleepwear (left) has a more mature appeal compared to the sexy and youthful image of Victoria's Secret (right.)

NEW YORK (CNN/Money) - Women's apparel retailer Chico's FAS has discreetly been testing a new 'intimate' idea that could give Victoria's Secret's a few goose bumps.

Last year, the Fort Myers, Fl.-based Chico's (Research) opened 10 stores called "Soma" (a Greek word that means body) to exclusively sell lingerie and sleepwear to its core clientele of women aged 35 and older.

Most of the Soma stores are concentrated in the south and southeast and the company recently announced plans to open an additional six new locations this year.

"We would like to eventually take the chain national but for now we're slowly expanding and gauging customer response," said Mike Smith, the company's vice president of investment relations.

Chico's may prefer to fly under the radar but the industry is already abuzz with anticipation about Soma.

Indeed, Chico's has earned a reputation as a retailer with the Midas touch.

Chico's operates 668 stores under the Chico's, White House/Black Market and Soma brands. With over $1 billion in annual sales, the company boasts an enviable streak of eight straight years of annual double-digit sales growth at its stores open at least a year-- a key retail measure known as same-store sales.

"It's pretty remarkable. I don't think anyone else has that kind of a track record in specialty apparel," said Christina De Marval, analyst with Sidoti & Company.

The clothes that the company sells, across all of its platforms, primarily target middle-to-high income consumers. Even in its nascent stage, Soma is already off to a strong start, De Marvel said.

Elizabeth Pierce, an analyst with Sanders Morris Harris, agreed.

Observers say Chico's is using Soma as a way to extend the Chico's experience, which it has built on excellent in-store service, good quality and unique merchandise that's geared toward a very specific demographic.

At the same time, both De Marvel and Pierce said Soma also answers to some shortcomings in the $13 billion lingerie market.

Said De Marvel, "The intimate apparel needs of the more mature customer are not well represented especially in terms of specialty retail. Victoria's Secret's appeal is more for the younger customer." The only other alternative, she said, are crowded department stores that lack the personal touch. "Soma's image is more sedate and less sexy," she said.

Chico's Smith said Soma is vying for the "graduates" of Victoria's Secret. "That doesn't mean we don't think highly of Victoria's Secret. It's a fantastic brand," he said.

No doubt, boudoir behemoth Victoria's Secret, a unit of Limited Brands (Research), is the No. 1 retailer of lingerie and sleepwear, owning about 25 percent of the market with more than 900 stores nationwide.

Said Smith, "For now, we're tapping into our own client base. Our Soma stores are adjacent to the Chico's stores and we're focused on serving a mix of the right style, fashion and service."

Pierce thinks Chico's strategy with Soma isn't to intentionally steal customers away from Victoria's Secret but concedes that "women consumers do tend to cross shop."

"There's plenty of space for both Victoria's Secret and Soma to exist," she said. "Will there be some leakage away from Victoria's Secret? Possibly. But I think the bigger challenge will be to the department stores."

Victoria's Secret did not return calls for comment.

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