In this paper, a simulation-based performance evaluation of shuttle-based storage and retrieval system (SBS/RS) is presented. In comparison with well-known automated storage and retrieval systems, SBS/RSs can substantially increase the throughput capacity of the system. The objective of this study is to exploit the benefits of SBS/RS system design for reducing the mean cycle time of transactions and consequently increasing the throughput capacity of the system. Performance comparison of the studied SBS/RS is contrasted with alternative storage rack configurations, velocity profiles of the shuttle carriers and velocity profiles of the elevators' lifting tables in the system. The results show that SBS/RSs are effective in reducing the mean cycle time and also show large improvement by increasing throughput capacity.