Hi sushiaeb,
First of all, congrats for your great GMAT score! A 710 is close to most top school´s average and it is a score that I believe is good enough to apply.
On the other hand, as someone who has been in your situation since I had a 46 quant on my first GMAT, I would not say retaking is out of the question, but as you are an Engineer, I don´t think schools will be worried by your quant skills at all. Therefore, you have to really think if the time and effort needed to retake the GMAT are worth it. I would only recomend it if you are sure you can icrease your score and if you really have the time to prepare for it.
Let us know how it goes!