Large language models incur substantial training and inference costs in personalized search and recommendation, as growing interaction histories lengthen request inputs and repeatedly expose the same item text to the model. We propose \textbf{C}omposable and \textbf{R}eusable \textbf{I}tem \textbf{M}emory (CRIM), a framework that separates item-level semantic encoding from request-level history modeling. A small set of learnable summary tokens compresses each item into compact continuous memories, while segment-level readout tokens (REC tokens) introduce predictive supervision within the interaction history. These memories are independent of users and queries and can therefore be reused across requests. At inference time, CRIM composes cached memories in interaction order and incorporates an optional query to produce a personalized retrieval representation, reducing repeated item-text encoding while retaining request-dependent contextual modeling. We further introduce a joint training mechanism that combines cached memories with sampled live re-encoding. Re-encoding only a few history items per request allows the retrieval objective to jointly optimize the item and request encoders at limited computational cost, while periodic cache refreshes maintain consistency. Extensive evaluation and cost analysis on MovieLens-1M, Qilin, and our new LazSeq dataset show that CRIM achieves state-of-the-art retrieval performance with substantially lower inference costs at the same backbone scale, while limiting item re-encoding during joint training. We will publicly release our code and dataset.

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