I have had this problem too. I found a solution that worked for me.
I removed my iTunes library and put it in the trash so it could not be read (make sure not to delete your library by emptying the trash). I opened iTunes up to see if there was improvement in performance without my large library. iTunes opened and created a new blank library, and ran much smoother and faster. I shut down iTunes, then placed the new library in the trash, and then replaced my old library. After restarting iTunes, I went to preferences under the "Advanced" tab and selected the change button under "iTunes Media Folder Location". I reselected my library, and then a box popped up asking me if I wanted to consolidate my music. I clicked yes, and after about a 5 minute wait it finished. iTunes is now back to normal and working properly.
Not sure if you need to go through putting your library in the trash or not. This may work by simply reselecting your library again in preferences. Also, the iTunes store is still slow. I find iTunes opens faster if you make sure you are not on the iTunes store, and instead select your music library when you exit iTunes.
Hope this helps.
I am using iTunes 12.3.1.23 on a 2012 Mc Mini running OS 10.11.1