Hi,
Your GMAT score is quite solid. I believe you are above the 80th percentile of test takers. That is very good. Now, since the GMAT is one of the components required for your application I think whether you retake the exam will purely depend on the strength of the other components. Perhaps you can ask yourself the following questions:
1. Work experience - What is the length and quality of your experience?
2. Essays - How well can you sell yourself to the commitee? Will you contribute to the programe (addvalue), do you have a solid short term, medium term, and long term career plan laid out? Is it convincing and worth their investment in you?
3. Recommendations - can a couple people speak on your behalf regarding your achievements, particularly leadership as I think it is most important.
4. Undergrad - what institution? What grades?
Basically, the answer to your question depends on a case to case basis. If I were you, I would post my profile in various forums (where profiles can be evaluated) thus, according to your particular experience, your stats, perhaps a MBA grad or a admissions consultant can help you in providing a more grounded picture on whether you should retake or not. In essence, The GMAT is important but everything counts and the difference between a 700 and a 710 is pretty much insignificant - so how much time, energy, extra cost do you want to spend to improve further? Would that extra energy, cost, time be better invested in an extracurricular activity (volunteering), in learning a new language perhaps, or another thing that strengthens your application.
On the other hand an 800 score looks a bit sketchy and nearly impossible and schools tend to not fully appreciate 800's unless backed with substantial quality experience (more like personal qualities and leaderships impacts).
I myself don't have a high gmat score, in fact if I got a 700 I wouldn't be very confused

I hope my comments added value to your questions.
All the best,