I’ve raised this very issue in the past and haven’t gotten very far. After starting completely from scratch and moving my content to a wordpress hosted provider (WP Engine) I’ve just now seen my site slow to a crawl after I added all the products again. While I’m sure there are performance issues with the theme, WP Engine support informed me that there is an issue with Woocommerce.
From the log file:
40 /nas/wp/www/cluster-2353/rwlee33/wp-content/plugins/woocommerce/includes/wc-term-functions.php:493
The number 40 in front of this is the number of times a slow query was logged from this file. In this case, that’s a very large amount, and makes up for the entirety of the slow logs.
I will be contacting woocommerce about this issue and posting the reply in this thread.