A Learning Record Store (LRS) = a place to store learning records. The LRS is a new system that goes hand in hand with the Tin Can API. As Tin Can enabled activities generate satements, they’re sent to an LRS. The LRS is simply a repository for learning records that can be accessed by an LMS or a reporting tool. An LRS can live inside an LMS, or it can stand on its own.
(Full Story: http://tincanapi.com/learning-record-store/ )