There’s no yes or no answer here, but I will give you some points to consider that will help you make your decision.
You probably should retake the GMAT if…
1. You have other weaknesses in your profile and you feel a high GMAT score will help you compensate for them.
2. You have the time to prepare, study hard, and change the outcome.
3. You are a reapplicant who has received feedback that suggests you need to boost your GMAT score.
4. You blame you’re not-so-brilliant score on a bad day and know that if you retook the GMAT you’d have a meaningfully higher score.
You probably shouldn’t retake the GMAT if…
1. You proudly overshot the 80-80 hurdle. (If you scored above the 80th percentile in both the verbal and quant sections of the GMAT, then you generally don’t need to retake the GMAT, even if you apply to a school at the tippy top of the tier.)
2. You’ve already taken the GMAT 3+ times. (Think about the law of diminishing returns.)
3. You are aiming too high and know deep down that you should probably just apply to b-schools with lower average GMAT scores. If your GMAT is high enough for schools that you would be happy to attend, then you don’t need to retake it.