Hi WHS2018,
First off, a 720/Q49 is an outstanding score (it's above the 90th percentile overall), so you can comfortably apply to any Business Schools that interest you. As such, a retest is probably not necessary. Since you're planning to apply to some highly competitive Schools, you will need to make sure that you have a strong OVERALL profile AND that you properly 'market yourself' to each individual School that you apply to. As such, you would likely find it beneficial to speak with an Admissions Expert about your overall profile. There's a Forum full of those Experts here:
https://gmatclub.com/forum/ask-admission ... tants-124/GMAT assassins aren't born, they're made,
Rich